<SEC-DOCUMENT>0000950103-16-016930.txt : 20161116
<SEC-HEADER>0000950103-16-016930.hdr.sgml : 20161116
<ACCEPTANCE-DATETIME>20161006144426
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-16-016930
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20161006

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
		CENTRAL INDEX KEY:			0000842180
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		PASEO DE LA CASTELLANA, 81
		CITY:			MADRID
		STATE:			U3
		ZIP:			28046
		BUSINESS PHONE:		011 34 91 537 8172

	MAIL ADDRESS:	
		STREET 1:		PASEO DE LA CASTELLANA, 81
		CITY:			MADRID
		STATE:			U3
		ZIP:			28046

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO BILBAO VIZCAYA ARGENTARIA S A
		DATE OF NAME CHANGE:	20000505

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO BILBAO VIZCAYA S A
		DATE OF NAME CHANGE:	19991103
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">October 6, 2016</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 11pt"><FONT STYLE="font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Banco
Bilbao Vizcaya Argentaria, S.A.</B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Form 20-F for the
Fiscal Year Ended December 31, 2015</B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Filed April 6, 2016</B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>File No. 1-10110</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Ms. Cecilia Blye</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Chief</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office of Global Security Risk</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">United States Securities and
Exchange Commission</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">100 F Street, N.E.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Washington, D.C. 20549-7010</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Dear Ms. Blye:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Thank you
for your letter dated September 8, 2016, setting forth comments of the staff of the Division of Corporation Finance (the &ldquo;<B>Staff</B>&rdquo;)
of the United States Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo; or &ldquo;<B>Commission</B>&rdquo;) on the
annual report on Form 20-F for the year ended December 31, 2015 (the &ldquo;<B>2015 Form 20-F</B>&rdquo;) of Banco Bilbao Vizcaya
Argentaria, S.A. (&ldquo;<B>BBVA</B>&rdquo;, also referred to in this letter as the &ldquo;<B>Group</B>&rdquo; and &ldquo;<B>we</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We appreciate
your understanding in affording us the time necessary to prepare our responses, which we set forth in Annex A hereto. To facilitate
the Staff&rsquo;s review, we have reproduced the captions and numbered comments from the Staff&rsquo;s September 8, 2016 comment
letter in bold text.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: rgb(84,48,26) 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We would
like to express our appreciation for your cooperation in these matters, and we are available to discuss any of our responses with
you at your convenience. In that connection, please do not hesitate to contact the undersigned in Madrid at 011-34-91-537-7000
or fax: 011-34-91-537-6766, or our counsel, Michael J. Willisch of Davis Polk &amp; Wardwell LLP, at 011-34-91-768-9610 or fax:
011-34-91-768-9710.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 35%; border-bottom: Black 1pt solid"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Very
truly yours,</FONT></P>
                                                                                <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT><BR>
<BR></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><BR>
        /s/ Ricardo G&oacute;mez Barredo</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P></TD>
    <TD STYLE="width: 15%; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Ricardo G&oacute;mez
Barredo</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Head
of Accounting and Supervisors</FONT></P></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: rgb(84,48,26) 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>ANNEX
A</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Form 20-F for the Fiscal
Year Ended December 31, 2015</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>General</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>1. In your letter to us dated
May 31, 2013, you described your business contacts with Sudan and Syria, countries which are designated by the U.S. Department
of State as state sponsors of terrorism and are subject to U.S. economic sanctions and export controls. Your Form 20-F does not
include disclosure about contacts with those countries. Please provide us with information regarding your contacts with Sudan
and Syria since the referenced letter. You should describe any services and funds you have provided into Sudan and Syria, directly
or indirectly, and any agreements, arrangements or other contacts you have had with the governments of Sudan and Syria or entities
they control.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><I><U>Response</U>:</I></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We respectfully advise the Staff
that, as indicated in our letter dated May 31, 2013 and as further discussed in our response below to Comment 2, we do not believe
that our contacts with the Republic of Sudan or Syria are quantitatively or qualitatively material, or constitute a material investment
risk for our shareholders. As indicated in our letter dated May 31, 2013, BBVA is aware of the respective U.S., E.U. and U.N.
restrictions applicable to the Republic of Sudan and Syria and the varying levels of limitations such restrictions place on activities
in such countries.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We supplementally advise the
Staff of the extent of our and our current fully consolidated subsidiaries&rsquo; contacts, through direct or indirect arrangements,
since May 31, 2013, on a per country basis below.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><I>BBVA&rsquo;s Contacts with
the Republic of Sudan</I></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">To our knowledge, our contacts
with the Republic of Sudan &ndash; whether through direct or indirect arrangements &ndash; since May 31, 2013, as well as our
anticipated contacts with the Republic of Sudan, are as indicated below.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Banking Activities</U></I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>Republic of Sudan Embassy-Related
Activity.</I> We maintain one bank account for an employee of the embassy of the Republic of Sudan located in Venezuela. As of
September 23, 2016, the amount of funds deposited with BBVA in such account was approximately $11. In addition, we maintain four
bank accounts in Spain for four employees of the embassy of the Republic of Sudan located in Spain. Funds deposited into these
accounts relate to employment compensation. As of the date hereof, each of these bank accounts carries a negative balance. We
are committed to terminating these business relationships as soon as legally possible. We do not intend to enter into new business
relationships involving any embassy of the Republic of Sudan or its employees.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: rgb(84,48,26) 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt"><I>Delegation of the
European Commission in the Republic of Sudan</I>. We maintain one bank account for the Delegation of the European Commission in
the Republic of Sudan (the &ldquo;<B>Delegation</B>&rdquo;). The holders of such account are the Delegation and the Ministry of
International Cooperation of the Republic of Sudan (the &ldquo;<B>Ministry</B>&rdquo;). Transactions made from this account require
signatures from both the Delegation and the Ministry. Any transaction relating to this account is made in accordance with the
cooperation and development policies of the European Union for the Republic of Sudan.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt"><I>Pension Plan.</I>
We maintain in Spain one pension plan account for one resident of the Republic of Sudan. As of September 23, 2016, the total balance
in such account was approximately $501.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt"><I>Other Accounts.
</I>We maintain two accounts for residents of the Republic of Sudan through our subsidiary T&uuml;rkiye Garanti Bankas&#305; A.&#350;.
(together with its consolidated subsidiaries, &ldquo;<B>Garanti</B>&rdquo;). As of the date hereof, all of such accounts have
been marked to be closed, and account termination processes are ongoing. As of September 23, 2016, the total balance of such bank
accounts was $0. In addition, in Spain we maintain one bank account for one resident of the Republic of Sudan. As of the date
hereof, the total balance of such bank account was $0.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt"><I>Tubos Reunidos.
</I>We have identified that one former member of the Group, Tubos Reunidos, S.A., in which we ceased our participation as of December
31, 2014, exported certain products from Spain to the Republic of Sudan in 2013, for which payment was made in euros from a non-Group
bank in Egypt to a non-Group bank in Spain.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>Wire Transfers.</I> We sporadically
provide wire transfers services in connection with transfers into the Republic of Sudan and transfers originated in the Republic
of Sudan. In addition, prior to April 2016, Garanti sent and received various transfers from the Republic of Sudan that were processed
through the Western Union platform.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>Letters of Credit and Guarantees.
</I>From time to time in Spain we have entered into letters of credit and guarantees with entities and individuals resident in
the Republic of Sudan.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We do not anticipate having any
contact with the Republic of Sudan other than such contacts described above.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><I>BBVA&rsquo;s Contacts with
Syria</I></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">To our knowledge, our contacts
with Syria &ndash; whether through direct or indirect arrangements &ndash; since May 31, 2013, as well as our anticipated contacts
with Syria, are as indicated below.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt"><I><U>Banking Activities</U></I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt"><I>Syrian Embassy-Related
Activity.</I> We maintain one bank account for the embassy of Syria located in Argentina. As of September 23, 2016, the amount
of funds deposited with BBVA by such embassy was approximately $179. Since December 31, 2015, such account has been dormant, and
no statements have been issued. In addition, we maintain one bank account for</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: rgb(84,48,26) 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt">an employee of the embassy of Syria located in Venezuela.
As of September 23, 2016, the total amount of funds deposited with BBVA in such accounts was approximately $1.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt">We are committed to
terminating these business relationships as soon as legally possible. We do not intend to enter into new business relationships
involving the embassy of Syria or its employees.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt"><I>Other Accounts</I>.
We maintain four bank accounts in Moscow through Garanti for three residents of Syria. As of September 23, 2016, the combined
amount of funds deposited with BBVA in such accounts was approximately $22,303. In Venezuela, we maintain eight bank accounts
for residents of Syria. As of September 23, 2016, the combined amount of funds deposited with BBVA in such accounts in Venezuela
was approximately $928. In Spain, we maintain 494 bank accounts, 268 credit card accounts, four loans and two investment accounts
for a total of 413 residents of Syria. As of August 31, 2016, the total amount deposited with BBVA in such bank accounts was approximately
$1,806,144, the total balance of such credit card and loan accounts was approximately $1,258, and the total balance of the investment
accounts was approximately $3,000. We also maintain in Spain two bank accounts in U.S. dollars for two residents of Syria. These
accounts have been blocked since May 23, 2015 and November 14, 2015, respectively. As of August 31, 2016, the total amount deposited
with BBVA in such accounts was approximately $6,417. In addition, we maintain 164 bank accounts and 42 credit card accounts for
residents of Syria through Garanti. As of the date hereof, all of such accounts have been marked to be closed, and account termination
processes are ongoing. As of September 23, 2016, the total balance of such bank accounts was approximately $8,608,908, and the
total balance of such credit card accounts was approximately $1,409.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt"><I>Pension Plans.</I>
We maintain in Spain two pension plan accounts for two residents of Syria. As of September 23, 2016, the combined balance in such
accounts was approximately $416.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>Wire Transfers.</I> We provide
wire transfers services in connection with a limited number of transfers into Syria and transfers originated in Syria on behalf
of our customers. In addition, prior to April 2016, Garanti sent and received various transfers from Syria that were processed
through the Western Union platform.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>Correspondent Banking Relationships.
</I>Garanti maintains correspondent banking relationships based on relationship management applications (RMA) with three Syrian
banks.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>Letters of Credit and Guarantees.
</I>From time to time we, through Garanti and in Spain, have entered into letters of credit and guarantees with entities and individuals
resident in Syria.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We do not anticipate having any
contact with Syria other than such contacts described above.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>2. Please discuss the materiality
of any contacts with Sudan and Syria you describe in response to the comment above, and whether the contacts constitute a material
investment risk for your security holders. You should address materiality in quantitative terms, including the approximate dollar
amounts of any revenues, assets and liabilities associated with Sudan and Syria for the last three fiscal years and the</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: rgb(84,48,26) 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>subsequent
interim period. Also, address materiality in terms of qualitative factors that a reasonable investor would deem important in making
an investment decision, including the potential impact of corporate activities upon a company&rsquo;s reputation and share value.
As you know, various state and municipal governments, universities and other investors have proposed or adopted divestment or
similar initiatives regarding investment in companies that do business with U.S.-designated state sponsors of terrorism. You should
address the potential impact of the investor sentiment evidenced by such actions directed toward companies that have operations
associated with Sudan and Syria.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><I><U>Response</U>:</I></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><BR>
We believe that our contacts with the Republic of Sudan and Syria, individually and in the aggregate, are not material to our
results of operations or financial condition. We further believe that, in light of the de minimis size and nature of these contacts,
such contacts do not constitute a material investment risk for our security holders. In assessing the materiality of BBVA&rsquo;s
contacts with the Republic of Sudan and Syria we have considered both quantitative and qualitative factors. In quantitative terms,
as is evident from our response to Comment 1 above (and as further shown below), we believe that our contacts with such countries,
individually and in the aggregate, are not quantitatively material. Our assessment of qualitative factors included consideration
of the potential impact of our corporate activities in such countries upon our reputation and share value.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In addition to the qualitative
factors we considered in making our analysis, we are aware of, and sensitive to, the sentiments which are expressed in certain
legislation which has been adopted by some state legislatures in which state pension funds and other managers of state-invested
money are required to report on, and in some instances divest, their investments in companies which do business with, or have
ties to, countries identified by the U.S. Secretary of State as state sponsors of international terrorism, including the Republic
of Sudan and Syria. Although recognizing the sentiment expressed through these statutes, we do not believe that the effect or
purpose of such state statutes would impact our conclusions regarding the absence of material investment risk arising from our
contacts with the Republic of Sudan or Syria.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Further, though we are aware
of, and sensitive to, the investor sentiment evidenced by actions directed towards companies that have operations associated with
the Republic of Sudan and Syria, we do not believe that any of our past, current or anticipated contacts with any of these countries
would be qualitatively material to a reasonable investor making an investment decision about our shares. We believe that any reasonable
investor would expect a bank like ours to have business and correspondent banking relationships throughout the world, to have
credit exposure in connection with the trading activities of our Spanish and other clients throughout the world, and, in the course
of conducting our business in Spain and elsewhere, to have deposits under custody from institutions from any number of countries
abroad. The limited nature of our past and current contacts with the Republic of Sudan and Syria further supports our view that
such contacts would not be qualitatively material to a reasonable investor.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: rgb(84,48,26) 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">From a quantitative perspective,
gross income associated with the Republic of Sudan and Syria amounted, on an aggregate basis, to no more than &euro;10 thousand
for the six months ended June 30, 2016 (less than 0.001% of our gross income for such period). Assets associated with the Republic
of Sudan and Syria amounted, on an aggregate basis, to no more than &euro;9 million as of June 30, 2016 (less than 0.001% of our
total assets as of June 30, 2016). Amounts for 2015, 2014 and 2013 were similarly immaterial.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Finally, the small balances of
deposits from any banks or companies from or residents of the Republic of Sudan and Syria have made no material contribution to
our results of operations or financial condition in the periods referred to above, nor are they expected to have any material
impact in subsequent periods.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">For
all these reasons, we do not believe that our business activities or other contacts with the Republic of Sudan or Syria are material
or constitute a material investment risk for our shareholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 7; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: rgb(84,48,26) 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  T )4# 2(  A$! Q$!_\0
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MC4+7R,CL=PY_+<*[_P",^C.;[3M5@B=S*C02!%)Y'*GCZFO+OLMS_P ^T_\
MWZ;_  KLHRC5I+F_JQG).,G8[3X3:8+_ ,:I.R!H[*%IN>S'Y5_F:]-^*&J'
M3/ ]VJ/MENF6W4]\-][] :R/@YI+V?A^[U":(I)=S;5W+@[$&/YDUA_&6^FN
MM4T_3((I72",S2;4)&YN!T]@?SKBG:KBK=%^AJO=IGG>E:+J>M3/%I=G+<R1
M*&81XRHZ ]:UO^$$\7_] :]_[Z'^->D?!O2&M-#O-2EC99+J;8H9<$(G_P!<
MFO2ZNOC7&;C%)I"A235V?*>I:9?:1=_9=1MI+>XVAMDG7![UT?PRU4:5XXM
M[;8KL&V;ZM]W]0*Z[XT:.[MIFJPQLY^:WD"*2?[RGC\:\JA2\MYHYXH)UEB8
M.A$;<$'([>U=49JO1UZF;7),^L115+2KT:EI-I>@%?/A60@C&"1R**\)JVAV
M%P@$<BDVCT'Y444@#:/0?E2BBB@ -)M'H***8!M'H/RHP!THHI#'4444Q"$
M]::%'H*** L*!1@=<#-%% "@8'%+110 U@#P0#1M7T'Y444!84 4444 ?__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
