During the 1990s, Spanish companies began expanding internationally, especially in Latin America, taking advantage of Spain's historical and cultural ties with the region. Spain eventually became the second-largest source of foreign direct investment (FDI) in Latin America, surpassed only by the United States. In 2011, three of the five largest Spanish companies earned higher profits in Latin America than in Spain itself. For telecommunications provider Telefonica, Banco Santander and Banco Bilbao Vizcaya Argentaria (BBVA), the first, second and fourth largest Spanish companies in terms of capitalization, respectively, Latin America became the main source of profits. Spanish investment has mainly targeted a relatively limited group of sectors, primarily telecommunications, banking, public utilities and energy. Investment has also come from a relatively small number of Spanish companies. According to the Bank of Spain, only 20 percent of Spanish companies invest abroad.