Directorate Change

Banco Bilbao Vizcaya Argentaria SA
28 July 2003


                               SIGNIFICANT EVENT


The Board of Directors of BBVA, at a meeting held this afternoon, has accepted
the resignation, for personal reasons, of Jesus Maria Cainzos Fernandez as
non-executive Vice-president and other positions, remaining as a member of the
Board of this institution.

Jesus Maria Cainzos joined the Board of Directors of Argentaria in 1998 and,
subsequent to the merger with BBV, he was appointed Vice-president of BBVA. The
Board has agreed to acknowledge and express its gratitude for his contribution
to the Bank in the pursuit of his duties.


                                                            Madrid, 25 July 2003


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