<?xml version="1.0" encoding="UTF-8"?>
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<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:es-be-d-bl="http://www.bde.es/es/fr/esrs/corep/3-2008/2008-05-22/es-be-d-bl" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-bl-2006-07-01.xsd#d-bl_AgencyServices" xlink:label="AgencyServices" xlink:title="AgencyServices"/>
    <link:label xlink:type="resource" xlink:label="label_AgencyServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AgencyServices" xml:lang="es" id="label_AgencyServices">SERVICIOS DE AGENCIA (SA)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AgencyServices" xlink:to="label_AgencyServices" xlink:title="label: AgencyServices to label_AgencyServices"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-bl-2006-07-01.xsd#d-bl_AssetManagement" xlink:label="AssetManagement" xlink:title="AssetManagement"/>
    <link:label xlink:type="resource" xlink:label="label_AssetManagement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetManagement" xml:lang="es" id="label_AssetManagement">GESTIÓN DE ACTIVOS (GA)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetManagement" xlink:to="label_AssetManagement" xlink:title="label: AssetManagement to label_AssetManagement"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-bl-2006-07-01.xsd#d-bl_BusinessLinesDomain" xlink:label="BusinessLinesDomain" xlink:title="BusinessLinesDomain"/>
    <link:label xlink:type="resource" xlink:label="label_BusinessLinesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessLinesDomain" xml:lang="es" id="label_BusinessLinesDomain">LÍNEAS DE NEGOCIO (DOMINIO)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessLinesDomain" xlink:to="label_BusinessLinesDomain" xlink:title="label: BusinessLinesDomain to label_BusinessLinesDomain"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-bl-2006-07-01.xsd#d-bl_CommercialBanking" xlink:label="CommercialBanking" xlink:title="CommercialBanking"/>
    <link:label xlink:type="resource" xlink:label="label_CommercialBanking" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommercialBanking" xml:lang="es" id="label_CommercialBanking">BANCA COMERCIAL (BC)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialBanking" xlink:to="label_CommercialBanking" xlink:title="label: CommercialBanking to label_CommercialBanking"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-bl-2006-07-01.xsd#d-bl_CorporateFinance" xlink:label="CorporateFinance" xlink:title="CorporateFinance"/>
    <link:label xlink:type="resource" xlink:label="label_CorporateFinance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CorporateFinance" xml:lang="es" id="label_CorporateFinance">FINANCIACIÓN EMPRESARIAL (FE)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CorporateFinance" xlink:to="label_CorporateFinance" xlink:title="label: CorporateFinance to label_CorporateFinance"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-bl-2006-07-01.xsd#d-bl_PaymentSettlement" xlink:label="PaymentSettlement" xlink:title="PaymentSettlement"/>
    <link:label xlink:type="resource" xlink:label="label_PaymentSettlement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentSettlement" xml:lang="es" id="label_PaymentSettlement">PAGO Y LIQUIDACIÓN (PL)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentSettlement" xlink:to="label_PaymentSettlement" xlink:title="label: PaymentSettlement to label_PaymentSettlement"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-bl-2006-07-01.xsd#d-bl_RetailBanking" xlink:label="RetailBanking" xlink:title="RetailBanking"/>
    <link:label xlink:type="resource" xlink:label="label_RetailBanking" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetailBanking" xml:lang="es" id="label_RetailBanking">BANCA MINORISTA (BM)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetailBanking" xlink:to="label_RetailBanking" xlink:title="label: RetailBanking to label_RetailBanking"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-bl-2006-07-01.xsd#d-bl_RetailBrokerage" xlink:label="RetailBrokerage" xlink:title="RetailBrokerage"/>
    <link:label xlink:type="resource" xlink:label="label_RetailBrokerage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetailBrokerage" xml:lang="es" id="label_RetailBrokerage">INTERMEDIACIÓN MINORISTA (IM)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetailBrokerage" xlink:to="label_RetailBrokerage" xlink:title="label: RetailBrokerage to label_RetailBrokerage"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-bl-2006-07-01.xsd#d-bl_TotalBusinessLines" xlink:label="TotalBusinessLines" xlink:title="TotalBusinessLines"/>
    <link:label xlink:type="resource" xlink:label="label_TotalBusinessLines" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TotalBusinessLines" xml:lang="es" id="label_TotalBusinessLines">TOTAL</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalBusinessLines" xlink:to="label_TotalBusinessLines" xlink:title="label: TotalBusinessLines to label_TotalBusinessLines"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-bl-2006-07-01.xsd#d-bl_TradingSales" xlink:label="TradingSales" xlink:title="TradingSales"/>
    <link:label xlink:type="resource" xlink:label="label_TradingSales" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradingSales" xml:lang="es" id="label_TradingSales">NEGOCIACIÓN Y VENTAS (NV)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingSales" xlink:to="label_TradingSales" xlink:title="label: TradingSales to label_TradingSales"/>
    <link:loc xlink:type="locator" xlink:href="http://www.c-ebs.org/eu/fr/esrs/corep/2006-07-01/d-bl-2006-07-01.xsd#d-bl_BusinessLinesDimension" xlink:label="BusinessLinesDimension" xlink:title="BusinessLinesDimension"/>
    <link:label xlink:type="resource" xlink:label="label_BusinessLinesDimension" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessLinesDimension" xml:lang="es" id="label_BusinessLinesDimension">LINEAS DE NEGOCIO</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessLinesDimension" xlink:to="label_BusinessLinesDimension" xlink:title="label: BusinessLinesDimension to label_BusinessLinesDimension"/>
  </link:labelLink>
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