Banco Bilbao Vizcaya Argentaria, Spain's second-largest bank, is to close the Gilbraltar office of its international private banking division, Privanza. This will leave Jersey as the last remaining branch of the private bank. Privanza was once the most widely recognised private banking brand in Spain, but became embroiled in a legal scandal involving secret accounts. Ever since the scandal, BBVA’s private banking strategy has been to pull out of tax havens. Despite the move, BBVA Patrimonios, the private banking division of BBVA, continues to grow in the onshore Spanish market.