Acquisition

Telefonica SA 6 August 2001 Terra Lycos, Telefonica's Internet affiliate, concludes buy into Uno-e capital * World's leading Internet network acquires 49% of online bank * Uno-e Board of Directors to include four BBVA and three Terra Lycos representatives Madrid, 2 August 2001.- Having received the Bank of Spain authorisations necessary, BBVA and Terra Lycos (Telefonica's Internet affiliate) today announced the conclusion of the latter's buy into the capital of online bank Uno-e. Terra Lycos' buy into Uno-e will broaden the bank's scope, by adding the expertise Terra Lycos has built up in all areas of the internet business to the financial know-how BBVA is already contributing. Terra Lycos has acquired 49% of Uno-e share capital, with the original developer of the project, BBVA, maintaining the 51% controlling interest. Following this change in the shareholder base, the Uno-e board will have seven members, four representatives of BBVA and three from Terra Lycos. Uno-e (www.uno-e.com) operates as a Financial Supermarket(C), that is, the products and services it markets to its clients are generally developed by other banks and financial institutions. This strategy has already won Uno-e, which was launched in March 2000, more than 100,000 clients and EUR 542 million (more than Ptas, 90 billion) in assets under management (as of 30.06.01).
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