Integration of BBVA Bolsa

Banco Bilbao Vizcaya Argentaria SA
09 December 2003

                                   OTHER NEWS

BBVA announces the formalisation of integration of BBVA Bolsa into Banco Bilbao
Vizcaya Argentaria, S.A. (BBVA) upon completion of the obtaining of the relevant
government authorisations. Thus, from 8th December 2003 onwards, BBVA has begun
to act as a broker on the stock market and has joined the stock exchanges of
Madrid, Barcelona, Bilbao and Valencia, plus the Euronext stock exchanges and
the Frankfurt and Milan exchanges.


This enables BBVA substantially to improve the service provided to the Group's
customers, the core of its business, and to make better use of its resources in
the area of Global Markets and Distribution for the various activities and
products handled in Spain and elsewhere.


Thanks to this new strategic approach, customers will receive integrated service
covering all spot and derivative variable income products, with a single sales
force specialising in their distribution. This will enable users to benefit from
the synergies generated by combining different products and markets, while
assuring that current standards of quality and service will be maintained.

                                                                 5 December 2003



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