Stock Listing

RNS Number:
Bianco Bilbao Vizcaya Argentaria SA
20 April 2001


                     BBVA APPLIES FOR STOCK LISTING ON THE 
                           BUENOS AIRES STOCK EXCHANGE

-   A stock listing would make high quality, highly liquid shares available to  
    Argentine investors

-   BBVA stock is traded on the world's leading financial markets (Spain, New   
    York, London, Frankfurt, Milan, and Switzerland)

-   Today, approval was requested from the Comision Nacional de Valores         
    Argentine Securities and Exchange Commission (CNV) for the Exchange Offer   
    for all the shares ADSs of BBVA Banco Frances

Today, BBVA applied for its shares to be listed on the Buenos Aires Stock
Exchange (BCBA) as a preliminary step towards the announced Exchange Offer for
the shares and ADSs of BBVA Banco Frances.

The listing of BBVA stock on the Buenos Aires Stock Exchange is part of the 
process to internationalize this market and make a high quality stock available
to Argentine investors.  At the same time, the listing is an expression of
confidence in the Argentine stock market and in the country's economy as well as
in BBVA Banco Frances.

This Exchange Offer is now in the approval phase at the Argentine Securities and
Exchange Commission (CNV) and in the registration phase at the U.S. Securities
and Exchange Commission (SEC).

As the financial institution announced earlier, it intends to launch an Exchange
Offer for all the BBVA Banco Frances shares and ADSs that it does not already 
directly or indirectly control.  Specifically, the Exchange offer is for 32% of
BBVA Banco Frances' capital.

According to the terms of the Exchange Offer announced last January, which,
today, moved into the approval stage at the CNV in Argentina, investors who
decide to accept the Exchange Offer will receive two BBVA shares for every three
shares in BBVA Banco Frances.  In this way, these investors would benefit from a
premium of approximately 26.8% based on the average price for BBVA Banco Frances
shares on the BCBA during the 21 days prior to January 23, when the intention to
launch an Exchange Offer was first announced.  Shareholders who accept the
exchange will receive shares of BBVA, one of the leading financial institutions
in Europe and Latin America, the value of whose stock has increased by more than
440% on the Madrid Stock Exchange in the last five years.

The objectives of the Exchange Offer include allowing any former BBVA Banco
Frances shareholders to benefit from the Group's profits worldwide.  BBVA hopes,
in this way, to respond to the financial world's growing trend towards
globalization and to strengthen its leadership in Latin America.

On April 10, 2001, BBVA paid a supplementary dividend for the 2000 fiscal year
equivalent to 0.111 euros per share.  With this payment, the total dividend for 
2000 fiscal year came to 0.363 euros (1 Argentine peso = US$0.878, as of 
04/18/2001), which was paid quarterly.

According to Ignacio Sanchez Asian CEO of BBVA America, 'The bank is committed
to an important  transformation process marked by a strategy that has served to
position it as market leader in Latin America and Europe and, therefore, as one
of the leading financial institutions in the world.'

To complete the Exchange Offer, the BBVA General Shareholders Meeting, held on
March 10, 2001, approved a capital increase.  In the event that all shares and
ADSs covered by the Exchange Offer are tendered, the newly issued capital would
represent approximately 1.4% of BBVA's current capital stock, which represents
an approximate market value of 750 million euros (1 euro = US$0.878 as of
04/18/01).

The new BBVA shares that would be delivered in exchange to the shareholders who
decide to accept the Exchange Offer, will be the same class and series and will
have the same voting  and economic rights as BBVA shares outstanding at the 
time.

The BBVA Group

'With this transaction, BBVA reaffirms its confidence in the Argentine economy
and the permanent and strategic nature of its presence in the country, in which 
it has accrued an investment of close to $1.5 billion since 1996,' Ignacio
Sanchez Asiain added.

In 1996, BBVA first invested in Banco Frances and later acquired Banco de
Credito Argentino, merging the two institutions to form the second largest
private bank in Argentina, and creating a market share of 9.6% in its volume of
deposits.

BBVA, which the U.S. magazine Forbes called 'the best bank in the world in
2000,' is the premier financial group in Spain and the second in the euro zone
for market capitalization.  At the close of yesterday's trading session at the
Madrid Stock Market, its market capitalization was $50 billion.

Present in a total of 37 countries, BBVA is the worldwide banking group with the
most office (8,946) having the same name and a staff of 108,082 as of December 
31, 2000.  Its net profits as of the same date was $2.08 billion, its return on
equity (ROE) was 21.1%, and its BIS current ratio was 11.9% BBVA is notable
among large international banking institutions for its high credit rating
(Double AA), given to it by the most prestigious international rating agencies.

BBVA, which holds a leadership position in the financial services industry in
Spain and which has an important portfolio of industrial investments, is also 
one of the largest financial groups in Latin  America, present in 14
countries,and holding significant market share in the banking and pension
sectors.

BBVA is the premier savings management group in Latin America, with a 10.6%
share in the region's total market for bank deposits, investment funds, and
pension funds.  Since 1995, it has built a leading full-service banking
franchise region, with a market share of around 10%.  it is, moreover, the
irrefutable leader in private pension management, with a share of nearly 30% of
the total for Latin America.