BBVA buyback programme 20July

Banco Bilbao Vizcaya Argentaria SA
20 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:

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 July 18
and 19, 2005:


          Date                Buy / Sell                No of shares            Price

       18/07/2005               Sell                          20,000           13.25
       18/07/2005               Sell                          75,000           13.26
       18/07/2005               Sell                          41,500           13.27
       18/07/2005               Sell                          50,000           13.28
       18/07/2005               Sell                          30,000           13.29
       18/07/2005               Sell                         190,000           13.30
       18/07/2005               Sell                           8,500           13.32
       19/07/2005               Sell                          25,000           13.28
       19/07/2005               Sell                          25,000           13.29
       19/07/2005               Sell                          25,000           13.30
       19/07/2005               Sell                          25,000           13.31
       19/07/2005               Sell                          40,000           13.32
       19/07/2005               Sell                          40,000           13.33
       19/07/2005               Sell                          25,000           13.34
       19/07/2005               Sell                          25,000           13.35
       19/07/2005               Sell                          60,033           13.36
       19/07/2005               Sell                          74,967           13.37
       19/07/2005               Sell                          82,648           13.38
       19/07/2005               Sell                          77,352           13.39
       19/07/2005               Sell                          75,000           13.40
       19/07/2005               Sell                          20,000           13.41
       19/07/2005               Sell                          70,000           13.42
       19/07/2005               Sell                          20,000           13.43
       19/07/2005               Sell                          90,000           13.44
       19/07/2005               Sell                          20,000           13.45
       19/07/2005               Sell                          20,000           13.46
       19/07/2005               Sell                          70,000           13.47
       19/07/2005               Sell                          70,000           13.48
       19/07/2005               Sell                         100,000           13.54



Madrid, July 20, 2005



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