Abstract
The expansion and intensification of banking competition, undergone by the Spanish banking industry during the last 15 years, has allowed commercial banks and savings banks to more freely define their competitive strategies. This paper reports empirical evidence on the similarities and differences in banks product mixes along with their time evolution. In particular, it attempts to identify the different kinds of firms according to their output mixes and, on this basis, to analyse if the deregulation and increased competition have resulted into the homogenization (convergence) of specializations between firms or groups of firms (clubs). The empirical success is higher when product mix clubs are considered, achieving higher heterogeneity within the banking system as a whole but increased homogeneity within certain clusters of commercial banks and savings banks.
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