BBVA buy back programme

Banco Bilbao Vizcaya Argentaria SA
21 July 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:



SIGNIFICANT 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 July 20,
2005:




        Date              Buy / Sell              No of shares             Price

     20/07/2005             Sell                       480,000             13.41
     20/07/2005             Sell                       130,000             13.50
     20/07/2005             Sell                       170,000             13.51
     20/07/2005             Sell                        92,816             13.52
     20/07/2005             Sell                        20,000             13.53
     20/07/2005             Sell                        20,000             13.54





                                                          Madrid, July 21, 2005



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