The First Worldwide Internet Banking Group

Telefonica SA
8 March 2000

TELEFONICA'S SUBSIDIARY TERRA NETWORKS, BBVA AND, FIRST-E CREATE UNOFIRST GROUP,
THE FIRST WORLDWIDE INTERNET BANKING GROUP

Uno-e Bank, the Internet bank owned by BBVA and Telefonica's subsidiary Terra
Networks, and First-e Group Europe's leading independent online financial
services group, have announced the joint creation of UnoFirst Group, the first
worldwide on-line banking group.

Uno-e Bank is a project launched by BBVA, which will hold a 51% stake, and the
remaining 49% will be held by the Telefonica subsidiary, Terra Networks.

First-e is a wholly-owned Enba plc, subsidiary with its headquarters in Dublin.
This company specializes in the launching of financial services companies.

The agreement signed between the two groups will create the UnoFirst Group,
which will be the head company for the Uno-e Bank and the First-e Group and been
valued at euros 2,360 million for the transaction.  BBVA and Terra Networks will
hold a 67.5% stake in the UnoFirst Group and First-e's current shareholders will
hold the remaining 32.5%.  In order to achieve this, BBVA and Terra Networks
will contribute the Uno-e Bank to the project along with euros 362 million
through a capital increase carried out in the UnoFirst Group. They will also
acquire the remaining percentage to reach the total 67.5% stake in the UnoFirst
Group for euros 291 million.  First-e's current shareholders will contribute
their online financial services group to the UnoFirst group.

The UnoFirst Group will then, throughout the course of 2000, extend its services
into new geographic markets applying an ambitious expansion plan, which foresees
that initial investment will amount to euros 510 million.

UnoFirst Group will shortly launch activities in Germany and Portugal, and will
then branch out into Latin America (Brazil, Mexico, Argentina and Chile), the
rest of Europe (France, Italy, Central Europe) the US and Asia.