Re Joint Venture

Banco Bilbao Vizcaya Argentaria SA
16 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




Pursuing the significant event of November, 11th 2003, BBVA informs that has
signed an agreement with Banca Nazionale del Lavoro, S.p.A. (BNL) for the
creation of a new company to develop the consumer credit business in Italy. The
enterprise name will be ADVERA S.p.A. This company will be operative once it has
all the permits required and will be owned 50-50 by each organisation. The
capital stock will be 5 million euros.




                                                                  Mars 16th 2004


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