86KM Sg Issuer 26

RNS Number:1923B
Banco Bilbao Vizcaya S.A.
19 November 1999


REPORT OF RELEVANT EVENT

The Directors of BBV and Argentaria, in the Board of Directors meetings of both
companies, taken place today in Barcelona, have expressed their intention
that, once the Board of Directors of BBVA constituted, this one establishes a
payment policy to the shareholders which reveal the strong capacity to increase
the income per share offered by the BBV and Argentaria merger.

In that sense, both Boards of Directors have the aim to propose a reduction of
the nominal value of the shares of the merger resulting company BBVA, in an
amount equivalent to 5 pesetas per share.

Furthermore, they have the intention that the new Bank Board of Directors
approves, extraordinarily, the distribution of an amount under the dividend
correspondent to the exercise of the 2000, of 10 pesetas per share

Those amounts would be satisfied, simultaneously, after the first Shareholder
General Meeting of BBVA. which is foreseen to be held in February of 2000.

The approval of this policy would suppose, in the 2000, a distribution to the
shareholders of, approximately, a 55% of the distributive profit expected for
the exercise. This policy will be close to the maintenance of a strong basis
of capital.

The approval of the policy hereof, and the timing of the future interim
payments, will be established by the Board of Directors of BBVA, to whom the
quarterly timing will be proposed.

END





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