Uno-e Bank Merger Update

Banco Bilbao Vizcaya Argentaria SA
3 July 2000

                Uno-e and First-e close final agreements to merge

                UnoFirst Group aims to become the first truly 
                global Internet financial services provider

                The group already operates in the United Kingdom,
                Spain and Germany with more than 100,000 customers.

                Expansion plans for Europe, Latin America, the United
                States and Asia are already in place.

Madrid/Dublin, July 3, 2000 - Uno-e Bank, S.A. - the internet bank promoted by
Banco Bilbao Vizcaya Argentaria (BBVA) and Terra Networks-and enba plc-owner of
First-e Group, a leading European Internet Bank-announced today the signature of
the merger agreements to create UnoFirst Group.

The merger, valued at Eur 1.58 billion, aims to create the first truly global
Internet financial services provider, bringing together First-e's existing
operations in the United Kingdom and Germany and the operations of Uno-e in
Spain.  Expansion plans for Europe, Latin America, the United States and Asia
are already in place.

The deal brings together the strengths of BBVA as the second largest Eur-zone
bank by market capitalization and the leading banking operator in Latin America,
Terra as one of the biggest Internet operators in the world after its merger
with Lycos, and enba as one of Europe's leading e-finance incubator companies.

UnoFirst Group will operate worldwide under its 'financial supermarket'
strategy, offering not only its proprietary financial products, but also those
developed by other banks and financial institutions.  The goal is to provide
customers with powerful interactive tools to make personal financial decisions.

'This merger has one mission and one mission only:  to become the first truly
global Internet financial services provider,' says Manuel Galatas, CEO of Uno-e
and new Executive Chairman of UnoFirst Group.  'For that purpose, we are
pioneering the 'financial supermarket' concept and some other competitors are
already following our lead.'

'Internet is about making life easier for consumers,' says Gerhard Huber, CEO of
enba and new CEO of UnoFirst Group.  'I am convinced that our strategy and the
extraordinary combination of strengths in banking and technology this merger
puts together, will be the key to providing customer satisfaction.'

Strong expansion

The newly created UnoFirst Group is a fast-growing project.  In just a few
months-the UK operation was launched in November 1999, Spain in April and
Germany in May-it already has a customer base of some 100,000 clients and
manages more than Eur 350 million in assets.  UnoFirst Group plans to be
operational in other European countries before the end of the year, starting
with Portugal.

UnoFirst Group will also launch in Latin America in the first semester of 2001.
Brazil, Mexico and Argentina are the main strategic countries for growth in the
region.  In Asia, UnoFirst Group has already reached an agreement with Overseas
Union Bank, one of Singapore's leading banks.  The company is currently
exploring business opportunities in the United States.

Along with geographical expansion, UnoFirst Group is developing interactive
financial products for customers, including highly competitive current accounts,
low-price brokerage, IPO dealing services and a comparative shopping services
for mortgages, insurance, etc.

UnoFirst also provides Business to Business to Consumer (B2BC) and Business to
Business (B2B) solutions for companies willing to provide financial services,
either under a co-branding or a white labeling strategy.

About BBVA

BBVA (Banco Bilbao Vizcaya Argentaria, S.A.) is the leading financial Group in
Spain in terms of profits and the second largest Euro-zone bank by market
capitalization.  In 1999, BBVA's net profit was Eur 1.75 billion, with Eur 238
billion in total assets.

BBVA Group has operations in 37 countries, mainly in Europe and Latin America,
with a network of more than 9,300 branches and a staff of 130,000 employees.  It
also has more than 35 million clients and 1.5 million shareholders.  BBVA is
quoted in nine different stock exchanges worldwide with a market capitalization
of Eur 48 billion.

BBVA is a global leader in alternative distribution channel development, owns a
very significant industrial portfolio and is strongly capitalized.

About Terra Networks

Terra Networks is the world's leading provider of both ISP services to
residential and small office (SOHO) clients and content for the Spanish- and
Portuguese-speaking markets.  Its ISP business has 1.98 million clients and
hosts 705 million pages per month, while Terra portals receive 63 million
log-ins per month.

Last May 16th, Terra announced the proposed Lycos acquisition, creating the
First Global internet portal.  This operation will allow the convergence with
Lycos in services, contents and distribution; with operations in 37 countries. 
The company will be a leader in high growth markets, with more than 60 million
customers.

Terra is developing on-line advertising, marketing, e-commerce and other related
initiatives in all of its markets.  The company also combines a wide range of
international content with other content of a largely local nature to reflect
the individual communities of its users as well as their everyday interests and
concerns.

Terra Networks, a subsidiary of the Telefonica Group, is listed on the Spanish
stock exchanges (TRR) and Nasdaq in the United States (TRRA).

About enba

enba plc, is a Dublin-based holding company incubating and establishing
international online financial services business.  The enba group was founded in
1998 by Dr. Gerhard Huber and close business associates.  Shareholders include: 
Apax Partners, Aureus, Capital Z, CGU, Intel, Invision, Morgan Stanley Dean
Witter, Vertex and Palne Webber Capital Inc.

Across Europe, Asia and the United States, enba plc and its wholly owned
subsidiary First-e group plc are exploiting the international opportunities
arising in the rapidly growing online financial services arena.

factor-e plc. is enba's wholly owned Internet financial technologies subsidiary
that provides technologies and solutions including 'bank in a box' systems to
other companies wishing to provide online financial services on an own branding
or co-branding basis.

About UnoFirst Group

Banco Bilbao Vizcaya Argentaria, S.A (BBVA) and Terra Networks, S.A. - promoters
of the Uno-e project - and enba plc - owner of the First-e Group - announced
last March their intention to merge both initiatives to create UnoFirst Group,
the global interactive financial services provider.

Under the concept of 'financial supermarket', UnoFirst Group will offer its
clients not only its own products but also those developed by other banks and
financial institutions.  The goal is to provide customers with powerful
interactive tools to make personal financial decisions.

The components of the new UnoFirst Group already have operations in Spain
(www.uno-e.com), the United Kingdom (www.first-e.com), and Germany
(www.first-e.com).  The objective is to develop the 'financial supermarket'
concept not only in Europe, but also in Latin America, United States and Asia. 
UnoFirst Group already has an agreement with Overseas Union Bank of Singapore to
develop its business in Asia.

More information:
Alberte G Patino
Tlf:  + (34) 91/537-9983
E-mail:  [e-mail]

The information contained in this press release contains forward-looking
statements regarding expected future performances of the combined company which
are not historical facts and which may involve risks and uncertainties.  Actual
results and performance could differ materially from those contemplated by these
forward-looking statements.  Recipients of this press release are cautioned not
to place undue reliance on the forward-looking statements made herein.