Subsidiary selling

Banco Bilbao Vizcaya Argentaria SA
12 December 2002



'BBVA, S.A.', pursuant to the provisions of section 82 of the Securities Market
Act, hereby announces the following


                               SIGNIFICANT EVENT


CORPORACION INDUSTRIAL Y DE SERVICIOS S.L., subsidiary of BANCO BILBAO VIZCAYA
ARGENTARIA S.A. has stroke a bargain for the sale of 3,290,000 shares of
ACERINOX S.A., that represent the 5% of capital stock of said company, with
GOLDMAN SACHS INTERNATIONAL and BBVA BOLSA, to place in the institutional
investors. The selling price is €37.60 per share.




                                                              December 12th 2002


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