RNS Number:4237E
Banco Bilbao Vizcaya S.A.
25 January 2000


ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO, S.A

Exchange of shares from ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO, S.A  to
shares from BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO, S.A., with social address in
Madrid, Paseo Recoletos, 10 and fiscal identification code A-80041106,
registered in the Mercantile Register of Madrid in the volume 1116, page 1,
sheet number M-21228, 1st registration, communicates that on the 18th of
december of 1999 the Shareholders' General Meeting of the company approved its
merger with the company BANCO BILBAO VIZCAYA, S.A. through absorption of the
mentioned company ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO, S.A.

The 25th of January of 2000 the correspondent merger deed was confered, in which
there is the social name change, from BANCO BILBAO VIZCAYA, S.A. TO BANCO BILBAO
VIZCAYA ARGENTARIA S.A. and an increase of capital to do the exchange of
ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO, S.A. shares.

This increase has the following characteristics:

-  Nature of the securities: ordinary shares represented by book entries
-  Increase amount: 424.985.377,96 euros
-  Nominal value per share: 0,52 euros
-  Subscription:  there are no preferent subscription rights for being increase 
  for reasons of merger, so the entire increase goes to the current             
 ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO, S.A shareholders and its          
automatic exchange for their shares of this company, once the merger deed is   
registered in the Mercantile Register of Vizcaya.  The Clearance and           
Settlement System (SCLV) and its members will inscribe the shares of new       
issue issued by BANCO BILBAO VIZCAYA ARGENTARIA, S.A. as book-entries in       
favour of the ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO, S.A.                
shareholders.  The BANCO BILBAO VIZCAYA ARGENTARIA, S.A. shares assigned to    
each ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO, S.A. shareholder will be     
deposited in the companies members of the SCLV, in which each shareholder      
had deposited ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO, S.A. shares when    
the registral inscription of the merger deed takes place.

-  Exchange formula:  the exchange rate has been fixed in five (5) new issue    
  shares of BANCO BILBAO VIZCAYA ARGENTARIA, S.A., for each three (3) shares    
 of ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO, S.A.  Those ARGENTARIA, CAJA   
POSTAL Y BANCO HIPOTECARIO, S.A. shareholders owners of less than three or a   
number not multiple of three will be able to come together or to transmit      
their shares for exchange purposes, according to the exchange rate previous    
to the exchange date, giving the correspondent instructions to their           
depositary.

-  Fractions treatment:  The former exchange rate is equivalent to give one (1) 
  BANCO BILBAO VIZCAYA ARGENTARIA., S.A. share for each 0,6 ARGENTARIA, CAJA    
 POSTAL Y BANCO HIPOTECARIO, S.A. share.  Each ARGENTARIA, CAJA POSTAL Y        
BANCO HIPOTECARIO, S.A. shareholder that, applying the rate of 1 share of      
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. for each 0,6 shares of ARGENTARIA,       
CAJA POSTAL Y BANCO HIPOTECARIO, S.A., has the right of the perception of an   
integer number of shares of BANCO BILBAO VIZCAYA ARGENTARIA, S.A. and remain   
fractions of ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO, S.A. shares, will    
be able to transmit them to Merrill Lynch International, who will purchase
   them at a price equivalent to the weighted average price of ARGENTARIA CAJA  
  POSTAL Y BANCO HIPOTECARIO SA share in the Market Interconnections System 
   (" Continuous Market") in the last sesion of trading of the ARGENTARIA, CAJA 
  POSTAL Y BANCO  HIPOTECARIO, S.A shares.  If no express instructions in the   
 contrary, each shareholder of ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO,SA 
   subjects to this fractions acquisition system without giving instructions to 
  SCLV correspondent member, which will inform of the result of the operation
   once concluded.

Since the shares are represented by book-entries, those ones will become
book-entires at their inscription in the central Account Register of the SCLV,
inscribing them by the members in favour of the former ARGENTARIA, CAJA POSTAL Y
BANCO HIPOTECARIO, SA shareholders.

There is an informative prospectus about this increase, that has been inscribed
in the Official Registers of the Securities Exchange Commission (Comision
Nacional del Mercado de Valores), and it is at the public disposal in the social
address of ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO SA in Madrid, Peseo
Recoletos, 10.



Date
28.1.2000
Ampl. POR ARGENTARIA
 
         No. Shares                      

    Issued        Total

817.279.573     2.930.514.579

817.279.573 new shares BBVA for ARGENTARIA shareholders


                                 Capital Stock


EUROS                                                PESETAS

Issued                     Total               Issued               Total

424.985.377,96        1.523.867.581,08      70.711.617.097      253.550.231.346

                      Number of ARGENTARIA shares at 28.1.2000      490.367.744

Total Number of BBVA shares at 29.1.2000   2.930.514.579 shares.


END
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