86KM Sg Issuer 26

RNS No 1465h
BANCO BILBAO VIZCAYA
31 July 1997


BBV INCREASES CAPITAL FOR BOND CONVERSION

(Bilbao, 30 July 97) In July 1996, BBV issued subordinated convertible bonds in
the amount of US$250 million. The bonds, with a 3.5% coupon and a 10-year
maturity, were eligible for conversion into BBV shares from the date of issue
at a 21% premium over the quoted share price on the date of issue.

Within the parameters established, bond holders exercised thier right of
conversion for approximately US$138 million during July, setting an exchange
price - which includes the proportional amortization premium of the bond - of
US$16.02 for each new share. As such, 8,893,008 shares are being issued -
equivalent to 1.32% of capital - resulting in an increase of more than 18,287
million pesetas in capital and paid-in surplus reserves. The additional increase
in shareholders' funds stems from the appreciation of the dollar-peseta exchange
rate.
END

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