Spain's Banco Bilbao Vizcaya Argentaria SA said in a surprise move Tuesday that Chief Executive Jose Ignacio Goirigolzarri will stand down after eight years in the post.

Spain's second-biggest bank by assets said Angel Cano Fernandez will take over day-to-day operations. BBVA's executive Chairman Francisco Gonzalez, who turns 65 next month, is to continue at the helm.

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