Result of Equity Issue

Banco Bilbao Vizcaya Argentaria SA
28 November 2006



                     BANCO BILBAO VIZCAYA ARGENTARIA, S.A.





Banco Bilbao Vizcaya Argentaria, S.A. informs that the capital increase agreed
by its Board of Directors on November 24th, 2006 has been completed.

The total number of shares issued will be 161,117,078, with a nominal value per
share of 0.49€ and a issue premium of 18.13€. In consequence, the Capital Stock
of the Bank will be increased by a total amount of 78,947,368.22€ and the
Additional paid-in capital by 2,921,052,624.14 €.

                                                             November 27th, 2006


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