Holding(s) in Company

Banco Bilbao Vizcaya Argentaria SA
22 March 2004



'BBVA, S.A.', pursuant to the provisions of article 82 of the Securities Market
Act, proceeds by means of the present document to notify the following:

SIGNIFICANT EVENT

Banco Bilbao Vizcaya Argentaria, S.A. informs that its subsidiary BBVA Banco
Frances has communicated to Comision Nacional de Valores (the securities
commission in Argentina) as significant event:

the Board of Directors of BBVA Banco Frances resolved to implement a plan that
will improve its adjusted stockholders' equity, whereby the Bank will fully
comply with new minimum capital requirements established by the Central Bank of
Argentina. Such plan contemplates:

a)      a capital increase of up to Ps.385 million (US$132,2 million), which
will be submitted to the approval of an Ordinary and Extraordinary Stockholders
Meeting and the applicable local authorities; and

b)      the sale of the Bank's whole stake in Banco Frances (Cayman) Limited,
which has already been approved by the regulatory authorities of the Cayman
Islands.



Banco Bilbao Vizcaya Argentaria S.A. (BBVA), the largest shareholder of BBVA
Banco Frances, has informed its decision to participate in this process through

(1)     the capitalization of a loan granted by BBVA to BBVA Banco Frances in an
amount of up to US$ 77.7 million; and

(2)     an additional capital increase to be subscribed directly or indirectly,
in cash or in kind, in an amount of up to US$ 40 million. Such additional
subscription will be made in respect of the new shares that remain unsubscribed
after the other stockholders of Banco Frances have exercised their pre-emptive
rights.



Furthermore, BBVA will acquire from BBVA Banco Frances its whole stake in Banco
Frances (Cayman) Limited. The sale will be at market value, for an amount of
US$238,462,142, as determined by two well-recognized independent consultants
whose valuation opinions have been requested.



These two operations will have no effects in the consolidated earnings of the
Group BBVA, as far as the loans to be capitalized are fully provisioned and the
subsidiary is already integrated in the consolidated financial statements.




                                                                March 18th 2004


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