Acquisition

Banco Bilbao Vizcaya Argentaria SA
28 July 2006




Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), notifies that today Telefonica
Espana, S.A. exercised the put option provided for in the Memorandum of
Understanding (Protocolo de Intenciones) for the integration of UNOE BANK, S.A.
executed on January 10, 2003, by TERRA, S.A. (a company which was absorbed by
Telefonica  Espana S.A.) and BBVA, transferring thereby to BBVA its 33% stake in
UNOE BANK, S.A. for a total amount of €148.5 million. Presently BBVA holds 100%
of UNOE BANK, S.A.



                                                           Madrid, July 28, 2006


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