Spain’s two biggest banks, BBVA and Santander, are already registering the effects of Brexit and Donald Trump’s victory in the US election. And ironically, it’s the global expansion plans that both these banks have pursued - and which enabled them ... day, to a record low of 20.8% against the dollar. It was the biggest drop the currency had experienced since Mexico almost went bankrupt in 1995. No wonder that BBVA’s shares have plummeted by 10%: the country accounts for two fifths of the bank’s ... projection for the UK operation. The woes of Spain’s two biggest banks tell us that, in today’s febrile political climate, global expansion comes at a heavy price.