Banco Español de Crédito dates back to the middle of the 19th century when a Spanish banking company with French capital formed the Sociedad General de Crédito Mobiliario Español. The institution was created by Isaac Pereire. Its investment portfolio was established to cover Spain's budget deficit through the acquisition of public debt and the financing of public sector companies.

After the finance minister Raimundo Fernández Villaverde carried out reforms in 1900 and capital flowed in from overseas provinces, most shareholders decided to dissolve the company and establish a new financial entity: BANCO ESPAÑOL DE CRÉDITO.

On May 1, 1902 Banco Español de Crédito was founded. Its initial capital stock was Ptas. 20 million, comprising 80,000 shares of Ptas. 250 nominal value each. The promoting group was French and was led by Gustavo Pereire, manager of the Compañía de los Caminos del Norte de España. He was joined by Cayetano Sánchez Bustillo and León Cocagne (deputy governor of the Banco Hipotecario de España), who represented a group of Spanish investors. The first headquarters were in Paseo de Recoletos, Madrid.

In order to meet the needs of the different companies to which it was providing services, the bank opened its first branches in towns that exported minerals like Almería, Linares and La Carolina. A branch was also opened in Paris on whose stock exchange the bank's shares began to trade.