BBVA Buy back programme

Banco Bilbao Vizcaya Argentaria SA
27 May 2005



'BBVA, S.A.', 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


In connection with the buy back programme of BBVA shares announced by means of
the relevant event number 56415 on March 29, 2005, and pursuant to article 4.4.
of Regulation (CE) N(o) 2273/2003 of the European Commission, Banco Bilbao
Vizcaya Argentaria, S.A. announces that the company Corporacion Industrial y de
Servicios, S.L., fully owned subsidiary of the group BBVA, has conducted the
following trades in shares of  Banco Bilbao Vizcaya Argentaria, S.A. on May 24,
25 and 26, 2005:


         Date                 Buy / Sell       N(o) of shares             Price
      24/05/2005                 Sell                  23,329             12.73
      25/05/2005                 Buy                   10,000             12.53
      25/05/2005                 Buy                   70,000             12.54
      25/05/2005                 Buy                  170,365             12.56
      26/05/2005                 Sell                  25,000             12.65
      26/05/2005                 Sell                 140,000             12.66
      26/05/2005                 Sell                 130,000             12.67
      26/05/2005                 Sell                 180,000             12.68
      26/05/2005                 Sell                 23,460              12.69





                                                            Madrid, May 27, 2005


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