Result of Equity Issue

Banco Bilbao Vizcaya Argentaria SA
04 February 2004


                                 Material Fact

Banco Bilbao Vizcaya Argentaria, S.A. advised that the book-building approved by
its board of directors yesterday was closed and that 195,000,000 ordinary shares
of the company will be issued at an issuance price of €10.25 per share.


                                                                        February
                                                                         4, 2004


The information contained herein does not constitute an offer or sale of
securities in the United States or any other jurisdiction.  The securities of
Banco Bilbao Vizcaya Argentaria, S.A. have not been and will not be registered
under the United States Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an applicable
exemption from the registration requirements of such Act.  No money, securities
or other consideration is being solicited, and, if sent in response to the
information contained herein, will not be accepted.


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