On 28 January 1856 Nuevo Banco de San Fernando was renamed the Banco de España
The Law of 28 January 1856 renamed Nuevo Banco de San Fernando the Banco de España, granted the State the power to appoint the Governor and two Deputy Governors and regulated the foundation of new provincial banks of issue.
Following this deregulation, entrepreneurs and merchants began to found commercial banks in Spain’s main provincial capitals and the Banco de España opened its first branches in Alicante and Valencia.
On the same date, the sociedades de crédito or credit companies were established. These were, at the time, a new type of bank that increased the number and type of banking institutions operating in Spain.