Launch of Cash Tender Offer

Banco Bilbao Vizcaya Argentaria SA
23 January 2001

                     BBVA TO LAUNCH A CASH TENDER OFFER FOR
                            100% OF BANCO GANADERO


-  The implied premium is 19,9%

-  BBVA  reaffirms its confidence in the Colombian economy and the strategic,
   long term value of its investment in the country

-  Subject to required approvals, BBVA, one of the leading banks in Europe and
   Latin America, will strengthen its presence in the Colombian financial system


BBVA's  Board  of  Directors today announced its intention to formulate  a  cash
tender offer for the 14,88% of Banco Ganadero's capital it does not own, in
order to acquire 100% of this bank's capital.  BBVA reaffirms with this 
transaction its confidence in the Colombian economy and the strategic, long term
nature of its investment in the country.

The decision of the Board of Directors, which met today in Madrid, has been
officially  disclosed to the Spanish, Colombian and United  States authorities.
The transaction is designed to increase the presence in the shareholding
structure of BBVA, one of Europe and Latin America's leading financial groups,
with high degrees of solvency and profitability, as measured by international
standards.

Once  the approvals of the competent authorities have been obtained, the offer
will extend to all Banco Ganadero shares not controlled by BBVA which trade on
the Bolsa de Comercio de Bogota and under the form of ADS (American Depositary
Shares), on the New York Stock Exchange.

BBVA will begin the pertinent formalities to obtain all authorizations necessary
prior to launching the exchange offer.

Should the transaction take place BBVA will pay 86 Colombian Pesos for each
share o Banco Ganadero, an implied premium of 19,9% over the average price of
the last month.

BBVA in Banco Ganadero

In August 1996 BBVA acquired  40% of the  capital  of Banco Ganadero and
management control, through a shareholders' agreement,  becoming the first
Spanish banking entity to enter the Colombian financial system.

In July 1998, BBVA assumed majority control through the  acquisition of an
additional 15% of the Colombian entity.

In September 2000, following a capital injection, BBVA became owner of 85,12%
of Banco Ganadero.


BBVA Group

BBVA, named by 'Forbes' (a U.S. Magazine) as 'best bank in the world in  2000',
is the leading Spanish financial group by stock market capitalization 54 billion
euros and ranks second in the Euro zone as off the close of yesterday's market
session on the Spanish Stock Exchange.

Present in a total of 37 countries, as at September 2000 BBVA had a network of
8.921 branches and 110.077 employees. Its net profit, as at the same date was
1.566 million euros, with a return on equity (ROE) of 21,8% and a capital
adequacy ratio of 11%.  BBVA is distinguished among major international banks
for its high ratings (AA) awarded by the international Rating Agencies.

In the last five years, BBVA shares have enjoyed a cumulative appreciation of
443%, placing it among the major worldwide groups in creating shareholder value.

BBVA, which holds leadership positions in Spain's financial business and has a
significant industrial holding portfolio, is also one of the largest financial
groups in Latin America, with a presence in thirteen countries and important 
holdings in the Banking and Pension business.

Since  1995  it  has built a banking franchise which has become a leader in the
region, enjoying market share of approximately 10% in customer funds.  It is
also the leader in private pension management, with a share of nearly 30% of the
total.

BBVA has invested decisively in Colombia since 1996, when it entered the capital
of  Banco Ganadero, later in 1999 with the purchase of Fondo de Pensiones y
Censantias  Horizonte,  subsequently  merged  with   Fondo   de Pensiones  y
Cesantias Colpatria, which was acquired early 2000. In addition  to the purchase
of Ganadera de Seguros Generales y de Vida in 1998.

DISCLAIMER

This  communication shall not constitute an offer to sell or the solicitation
of  an  offer  to  buy,  nor  shall  there be any  sale  of  securities  in  any
jurisdiction  in which such offer, solicitation or sale would be unlawful  prior
to registration or qualification under the securities laws of such jurisdiction.

These materials contain certain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 including, among other
things, the intention to initiate an exchange offer and, a cash tender offer.
The forward-looking statements included in these materials are based on current
expectations, but actual results may differ materially from anticipated future
results. Certain factors which could cause the actual individual and combined
results of Banco Bilbao Vizcaya Argentaria, S.A. ('BBVA'), BBVA Banco Frances,
S.A. ('Banco Frances') and BBVA Banco Ganadero ('Banco Ganadero') to differ
materially from the expected results are described in the reports filed by each
company with the Securities and Exchange Commission ('SEC'), including their
1999 annual reports on Form 20-F and exhibits and amendments thereto.

Other  than  the information contained in this press release,  BBVA  has  not
filed  with the SEC any information relating to the exchange offer  for  Banco
Frances  shares  or the cash tender offer for the shares of Banco Ganadero. 
BBVA will  be  filing  with the SEC a registration statement  on  Form  F-4  for
the exchange  offer  and a Schedule TO for the cash tender offer and other 
relevant documents concerning these two offers.  WE URGE INVESTORS TO READ THE
DEFINITIVE REGISTRATION  STATEMENTS / PROSPECTUSES AND SCHEDULE TO  AND  ANY 
OTHER RELEVANT DOCUMENTS THAT BBVA FILES WITH THE SEC, BECAUSE  THEY WILL 
CONTAIN IMPORTANT INFORMATION.

Investors will be able to obtain copies of the registration statements,
Schedule TO and other documents filed with the SEC from the SEC's Public
Reference Room at 450 Fifth Street, N.W., Washington, D.C. 20549, Telephone
[phone]; Fax [phone], Email: [e-mail]. In addition,
documents (excluding any exhibits) filed with the SEC by BBVA will be available
free of charge from the Director of Investor Relations of BBVA at Plaza de San
Nicholas 4, 48005 Bilbao, Spain. Telephone [phone]. READ THE 
DEFINITIVE REGISTRATION STATEMENTS / PROSPECTUSES AND SCHEDULE TO CAREFULLY
BEFORE MAKING A DECISION REGARDING THE EXCHANGE OFFER OR THE CASH TENDER OFFER.