BBVA BBVA Bilbao Vizcaya Argentaria SA

   DOW JONES NEWSWIRES 
 

Spain's Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) said Tuesday its board has approved a new "dividend option" remuneration program under which shareholders can choose whether to collect a complementary 2010 dividend in cash or through new tax-free bank shares.

In a press release, the bank said it will offer one new share for every 59 old BBVA shares.

The program will apply to BBVA's complementary 2010 dividend payment due in April and to one of the 2011 dividend payments, the bank added.

-By Enza Tedesco, Dow Jones Newswires; enza.tedesco@dowjones.com