Santander leads Spanish stock preferences amid banking sector growth

Banco Santander has emerged as the top preferred stock among 40 asset managers for the Spanish market heading into the final quarter of 2026. In the 'Eco10' consensus portfolio, Santander holds a 7.82% weight, leading BBVA, which follows with 6.54%. Analysts favor the banking sector due to European Central Bank interest rate policies and sustained interest margins.

Other notable inclusions in the consensus portfolio include Iberdrola, Indra, Grifols, and Amadeus. While Inditex remains a significant player, it has dropped to third place due to rising operating costs. Grifols is highlighted as having the highest potential in the selection, exceeding 60%.

Parallel to these preferences, the investment banking sector in Spain is experiencing significant growth. Santander, JPMorgan, and Citi have seen their combined investment banking revenues surge by nearly 50% compared to the previous year. Specifically, Santander reported a 62% increase in its commission pool for advising on investment banking operations in Spain during the first nine months of the year. This growth is driven by larger transaction sizes and increased corporate appetite for mergers, acquisitions, and stock market operations.