Acquisition

Banco Bilbao Vizcaya Argentaria SA
22 November 2006


Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), pursuant to the provisions of
article 82 of the Spanish Securities Market Act, proceeds by means of the
present document to notify the following:


RELEVANT EVENT


BBVA has reached today an agreement with the Chinese banking group CITIC Group,
to develop a strategic alliance in the Chinese market.


Further to this agreement BBVA:



A) Shall acquire a stake of 5% in 'China Citic Bank' ('CNCB'), as well as a call 
   option to acquire up to 9.9% of its sharecapital. The price for such initial 
   participation is of approximately €501 million. The agreement also covers the 
   development of cooperation in the areas of retail and corporate banking.


Through this transaction, which full effect is conditional upon the obtainance
of the corresponding approvals and registers, BBVA shall become the strategic
partner of CNCB.


B) Shall acquire a stake of 15% in the banking entity 'Citic International 
   Finance Holdings' ('CIFH') who develops its activity in Hong Kong and is 
   quoted in the Hong Kong Stock Exchange. A percentage of approximately 12% 
   shall be acquired through a subscription of new share issued by CIFH (an 
   agreement with CIFH has also been reached thereon), and the remaining 3% will 
   be acquired directly from CITIC Group.


The price for such participation is of approximately €488 million. This
transaction's full effect is conditional upon the obtainance of the
corresponding approvals and registers.


A press release on the transaction, which will be disclosed to the media, is
attached.


Today, at 11:00 a.m. (Madrid time) the transactions shall be presented to
analysts and investors. There will be a live webcast of the presentation which
may be accessed from BBVA's corporate site (www.bbva.com) and which will be
available for replay at BBVA's corporate web during at least the following
month.


                                                       Madrid, November 22, 2006

           A unique strategic alliance in the Asian financial market

BBVA enters mainland China and Hong Kong as the strategic partner of CITIC Group


     BBVA is making a decisive move in its Asia Plan, joining the other big
 international groups in the Chinese market through an agreement with the third
               largest joint-stock commercial bank in the country


O  The BBVA Group is announcing an investment of €989m, the biggest outlay
   by a Spanish company in mainland China and Hong Kong so far


O  BBVA will acquire 5% of China CITIC Bank (CNCB) for €501m with an option
   to increase to 9.9%


O  It will also purchase a 15% stake in CITIC International Financial
   Holdings (CIFH) for €488m and could increase this in the coming months


O  The alliance between BBVA and CITIC covers the development of retail and
   corporate banking in mainland China and Hong Kong, one of the fastest growing
   markets in the world, via CNCB and/or CIFH


O  BBVA and CIFH (CITIC Group's international arm) will conduct corporate
   banking, investment banking and treasury business across the Asia region
 

O  BBVA will have one director on CNCB's board and two on CIFH's


O  CNCB, whose head office is in Beijing, has assets of €62.2 billion, 13,485 
   employees (as of June 2006) and 416 branches, distributed throughout
   mainland China


O  CIFH, whose headquarters are in Hong Kong, has assets of €9.3 billion, 1,711 
   staff and 38 branches


BBVA and CITIC Group signed today a strategic alliance to develop a leading
financial group in Asia. Through an innovative co-operation agreement, BBVA and
CITIC Group will become strategic partners in the development of retail- and
wholesale banking. This platform will benefit from considerable strength and
synergy in tackling the growing market for financial services in Asia and
specifically, in mainland China. The agreement includes the acquisition by BBVA
of 5% of China CITIC Bank (CNCB), whose head office is in Beijing, for €501m and
15% of CITIC International Financial Holdings (CIFH), in Hong Kong, for €488m.
The total investment at this initial stage will be €989m. The combined assets of
CNCB and CIFH come to €71.5billion. Together they have more than 15,000 staff
and 454 branches throughout mainland China and Hong Kong.


The alliance signed today is subject to approval by the authorities. It
represents an important step in BBVA's strategy in the mainland China and Asian
markets, which are the most dynamic in the world and where financial services
are growing faster than anywhere else.


The agreement is part of the BBVA's expansion plan in Asia, announced by the
Group's chairman and CEO Francisco Gonzalez in February 2005. This plan has
become an important part of the Group's strategy of becoming one of the top
banking groups worldwide.

At the same time, the agreement is important for the CITIC Group, ensuring
success in realising its vision to build a leading international banking
franchise through the backing of an important global partner.


The alliance signals the simultaneous entry of BBVA in mainland China and Hong
Kong, via CNCB and CIFH, respectively. These are CITIC Group's two banking
franchises. BBVA will enter the alliance as the strategic investor and with an
extensive programme of co-operation in various financial areas that are growing
strongly.


In mainland China, CNCB and BBVA will co-operate via a significant platform,
drawing on the strengths of both groups and developing products and services in
banking and finance for private individuals and Chinese companies.


CNCB is the third biggest joint stock commercial bank in mainland China (and
seventh by assets if the four large state-owned banks are included). It has an
extensive presence throughout mainland China. According to today's announcement,
the latter is opening the door to BBVA as its strategic investor. The Spanish
bank will acquire a 5% stake worth €501m with an option to acquire a further
4.9%. CNCB has total assets of €62.2 billion, 13,485 employees and 416 branches.


Moreover, BBVA and CITIC Group will develop a growth strategy for the entire
Asia region through CIFH, the international arm of the CITIC Group. This will
entail in particular opportunities in the wholesale business (corporate banking,
investment banking, treasury business, trade and project finance, etc).


CIFH trades on the Hong Kong Stock Exchange (stock code: 0183) and BBVA will pay
€488m for a 15% stake. The agreement also includes the possibility of increasing
this in the coming months through further business integration opportunities.
CIFH is the 10th biggest bank in Hong Kong in terms of lending. It has total
assets of €9.3 billion, 1,711 employees and 38 branches.


Bank with an outstanding performance in a high growth market


BBVA is entering mainland China and Hong Kong at a time of a considerable
economic growth in these markets, and a strong expansion in their financial
markets. GDP in China has been growing at around 10% in recent years.


On average, banking system deposits have risen 18.9% per year and lending 14.7%,
since 2001. This reflects the country's economic growth and is part of the
liberalization and reform process that is attracting investment from large
international financial groups.


The alliance will put BBVA in a highly favourable position to ensure growth in
Asia. It will be doing this with a partner which is one of the biggest financial
conglomerates in the country and which has performed extremely well in recent
years in terms of business volume, profits and risk management.


In recent years, CNCB has outperformed the banking sector average in lending
(2003-2005 CAGR: 25%) and deposits (2003-2005 CAGR: 29%). Net profit grew to
over €300m in 2005, representing a CAGR of 41% from 2003-2005. One its greatest
strengths is risk management and it has cut non-performing loans by more than
half, from 9% to 4.1%, in the last two years.


In addition, BBVA gains access through CIFH to the Hong Kong financial market -
one of the most sophisticated in the region. This will help it to develop
wholesale banking activities in the whole of the Asia region. CIFH plays an
important role in CITIC Group's strategy to establish its brand in international
financial services. It has lifted net profit at an average of 24% per year since
2003, to €114m in 2005. Its impaired loan ratio is 2.7%.


About BBVA

BBVA is a multinational financial services group that operates in 32 countries.
At September 31, 2006, BBVA had 7,465 branches, 96.369 employees, and total
assets of €403 billion (approximately $507 billion). BBVA provides its 35
million customers around the world with a full range of financial services,
including commercial and wholesale banking, retail banking services, consumer
loans, mortgages, credit cards, securities brokerage, wealth management, pension
plan management and insurance. BBVA is one of the top three leading Euro zone
banks in terms of return on equity, earnings per share growth and efficiency,
and also has a thriving and growing presence in Asia, including offices in full
branches in Hong Kong, Singapore y Tokyo, and offices in Beijing, Shanghai,
Seoul, Taipei and Sidney.


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            The company news service from the London Stock Exchange