Directorate Change

Banco Bilbao Vizcaya Argentaria SA
31 March 2004



'BBVA, S.A.', in pursuance of the provisions of section 82 of the Spanish
Securities Market Act (Ley de Mercado de Valores), proceeds by means of the
present document to notify the following:



                               SIGNIFICANT EVENT


The Board of Directors of Banco Bilbao Vizcaya Argentaria, S.A. in the meeting
held today, March, 30th 2004, in Monterrey (Mexico), has accepted the
resignation as board member of Jaume Tomas Sabate because he has reached the
retirement age pointed in the Regulations for the Board of Directors, and it is
grateful for his task as member of BBVA Board, to whom he has contributed in a
valuable way.


The Board of Directors has also agreed to appoint Juan Carlos Alvarez Mezquiriz
as member of the Executive Committee, dismissing as member of the Audit
Compliance Committee, in pursuance of the Regulations for the Board; Jose
Antonio Fernandez Rivero as member and President of Risk Committee; Carlos
Loring Martinez de Irujo as member of Audit Compliance Committee and the
Appointments and Remuneration Committee and Jose Maldonado Ramos as member of
Risk Committee.


Likewise, the Board of Directors has decided that, in pursuance of the
provisions of the Regulations for the Board of Directors, Jose Antonio Fernandez
Rivero tenders his resignation as member of Boards of Directors in Iberdrola and
Telefonica by December 31st 2004, according of the respective corporate
interests.


                                                                March 30th, 2004


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