This paper explores the relationship between the nature of Spanish savings banks and the extent of their market success during the twentieth century. It deals with the key factors which have made such a good performance possible, including their ability to promote private saving, to cooperate with government economic policy, to adapt to changing circumstances, to operate in particular geographical areas, and to cooperate with one another. Finally, the paper deals in depth with this last factor. The competitive cooperation model is used to explain the outstanding role of the Spanish Confederation of Savings Banks in making the strategic alliance between the Spanish savings banks possible.
