RNS No 1379h
BANCO BILBAO VIZCAYA
31 July 1997


BANCO FRANCES FINALIZES ACQUISITION OF BANCO CREDITO ARGENTINO

(Bilbao, 30 July 97) Having completed the due dilligence process following the
initial agreement to acquire a majority stake of Banco Credito Argentino, a
price of US$560 million was established to acquire all the capital of Banco
Credito, including the 71.75% majority stakes as well as the remaining 28.25%.
The price/book value estimate is between 1.9 and 2.0 times.

Banco Frances will likely finance the operation via a US$400 million capital
increase and partial use of their excess capital base. BBV is expected to
acquire additional shares of the new entity, bringing its total stake in the
larger Banco Frances - Argentina's largest private bank with control of the
nation's largest pension fund manager - to 40-43%.

We expect Banco Credito to be fully integrated within Banco Frances by the end
of the year.

END
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