BBVA buy back programme

Banco Bilbao Vizcaya Argentaria SA
29 June 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) No 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 June 28,
2005:

          Date                Buy / Sell         No of shares             Price

       28/06/2005                Buy                  163,219             12.47
       28/06/2005                Buy                  440,000             12.48
       28/06/2005                Buy                1.840,000             12.49
       28/06/2005                Buy                  840,000             12.50
       28/06/2005                Buy                  300,000             12.51
       28/06/2005                Buy                  400,000             12.52


Madrid, June 29, 2005



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