<SEC-DOCUMENT>0000950103-17-003035.txt : 20170331
<SEC-HEADER>0000950103-17-003035.hdr.sgml : 20170331
<ACCEPTANCE-DATETIME>20170331143908
ACCESSION NUMBER:		0000950103-17-003035
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20170331
DATE AS OF CHANGE:		20170331
EFFECTIVENESS DATE:		20170331

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-217073
		FILM NUMBER:		17729796

	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>S-8
<SEQUENCE>1
<FILENAME>dp74527_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As filed with the Securities and Exchange
Commission on March 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-_________</P>



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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_____________________________</P>

<P STYLE="font: 10pt 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"><B>FORM S-8</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">____________________________</P>

<P STYLE="font: 10pt 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"><B>BANCO BILBAO VIZCAYA ARGENTARIA, S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="background-color: white">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Kingdom of Spain</B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>13-3491492</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Plaza de San Nicol&aacute;s,
4</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>48005 Bilbao, Spain</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive
Offices)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">____________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Share Remuneration Plan for BBVA Group
Management and Certain Risk Functions in the United States</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BBVA Compass Bancshares, Inc. Local Directors
Compensation and Business Development Plan</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">____________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Diego Crasny Zyman</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Banco Bilbao Vizcaya Argentaria, S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York Branch</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1345 Avenue of the Americas, 45th Fl</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10105</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and address of agent for service)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 728-1660</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Telephone number, including area code,
of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">____________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of &ldquo;large accelerated
filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act. (Check
one):</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Large accelerated filer <FONT STYLE="font-family: Wingdings">x</FONT></FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Accelerated filer <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Non-accelerated filer <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Do not check if a smaller reporting company)</P>

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


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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">____________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; border-top: black 1.5pt solid; border-bottom: black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Title of Securities to be registered (1)</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: black 1.5pt solid; border-bottom: black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Amount to be registered (2)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1.5pt solid; border-bottom: black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Proposed maximum offering price per share (3)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1.5pt solid; border-bottom: black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Proposed maximum aggregate offering price (3)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1.5pt solid; border-bottom: black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Amount of registration fee</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Ordinary shares, nominal value &euro;0.49 per share</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">5,200,000 shares</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">$7.72</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">$40,144,000</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">$4,652.69</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">American Depositary Shares, evidenced by American Depositary Receipts, issuable upon deposit of the ordinary shares registered hereby (the &ldquo;BBVA ADS&rdquo;), have been registered under separate registration statements on Form F-6 (Registration No. 333-11920 and 333-142862). Each BBVA ADS represents one ordinary share.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Represents 4,950,000 ordinary shares reserved for awards of BBVA ADSs under the Share Remuneration Plan for BBVA Group Management and Certain Risk Functions in the United States and 250,000 ordinary shares reserved for awards of BBVA ADSs under the BBVA Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan. The BBVA ADSs to be awarded under such plans will be acquired in open market purchases or in private transactions. In addition, in accordance with Rule 416 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this Registration Statement shall be deemed to include such additional ordinary shares as may be offered to prevent dilution resulting from stock splits, stock dividends or similar transactions pursuant to the provisions of the plan covered hereby.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pursuant to Rule 457(h)(1) and Rule 457(c) under the Securities Act, the proposed maximum offering price per share and the proposed maximum aggregate offering price are estimated solely for the purpose of calculating the registration fee and are based on the average of the high and low prices of BBVA ADSs on the New York Stock Exchange on March 29, 2017.</FONT></TD></TR>
</TABLE>






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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Banco Bilbao Vizcaya Argentaria, S.A. (the
&ldquo;Registrant&rdquo;) filed a Registration Statement on Form S-8 on February 11, 2008 (Registration No. 333-149157) (the &ldquo;First
Registration Statement&rdquo;) to register under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), 1,706,004
ordinary shares, nominal value &euro;0.49 per share (&ldquo;Ordinary Shares&rdquo;), of which 1,320,911 of such Ordinary Shares
are reserved for awards of BBVA ADSs pursuant to the Amended and Restated Restricted Share and Unit Plan of BBVA Compass Bancshares,
Inc. (formerly entitled the 2007 Restricted Share and Unit Plan of Compass Bancshares, Inc.) and 385,093 of such Ordinary Shares
are reserved for awards of BBVA ADSs pursuant to the BBVA Compass Bancshares, Inc. Local Directors Compensation and Business Development
Plan (formerly entitled the Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 23, 2009, the Compensation Committee
of the Board of Directors of Compass Bancshares, Inc. (now known as BBVA Compass Bancshares, Inc.) voted (i) to revise the Amended
and Restated Restricted Share and Unit Plan of Compass Bancshares, Inc. to provide that certain additional U.S. employees and officers
of the Registrant and its subsidiaries may participate in awards thereunder and (ii) to increase the amount of Ordinary Shares
registered under the Securities Act by 1,842,916 Ordinary Shares (the &ldquo;First Additional Shares&rdquo;) for purposes of reserving
(A) 1,692,916 First Additional Shares for awards of BBVA ADSs in connection with three incentive programs to be made under the
Amended and Restated Restricted Share and Unit Plan of Compass Bancshares, Inc. and (B) 150,000 First Additional Shares for awards
of BBVA ADSs under the BBVA Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan. Such 1,842,916
First Additional Shares were registered by the Registrant on a Registration Statement on Form S-8 on December 18, 2009 (Registration
No. 333-163816) (the &ldquo;Second Registration Statement&rdquo;).</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 20, 2010, the Compensation and Benefits
Committee of the Board of Directors of Compass Bancshares, Inc. (now known as BBVA Compass Bancshares, Inc.) (formerly the Compensation
Committee of the Board of Directors of Compass Bancshares, Inc.) voted to increase the amount of Ordinary Shares registered under
the Securities Act by 1,372,788 Ordinary Shares (the &ldquo;Second Additional Shares&rdquo;) for purposes of reserving all of such
Second Additional Shares for awards of BBVA ADSs in connection with three incentive programs to be made under the Amended and Restated
Restricted Share and Unit Plan of BBVA Compass Bancshares, Inc. (formerly entitled the 2007 Restricted Share and Unit Plan of Compass
Bancshares, Inc.). Such 1,372,788 Second Additional Shares were registered by the Registrant on a Registration Statement on Form
S-8 on June 8, 2010 (Registration No. 333-167389) (the &ldquo;Third Registration Statement&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 15, 2011, the Compensation and
Benefits Committee of the Board of Directors of BBVA Compass Bancshares, Inc. voted (i) to adopt the Amended and Restated Restricted
Share and Unit Plan of BBVA Compass Bancshares, Inc. to provide for the registration under the Securities Act of an additional
235,000 Ordinary Shares for purposes of awards of BBVA ADSs in connection with an incentive program primarily for selected U.S.
non-executive management employees and officers of Registrant or its direct or indirect subsidiaries and (ii) to adopt the Share
Remuneration Plan for BBVA Group Management and Certain Risk Functions in the United States to provide for the registration under
the Securities Act of an additional 2,218,800 Ordinary Shares for purposes of awards of BBVA ADSs in connection with an incentive
program for selected U.S. managers and certain other identified U.S. personnel who are not EMT members but whose activities are
considered to have a material impact on the company&rsquo;s risk profile or who are engaged in certain control functions, pursuant
to the system of variable remuneration adopted by the Registrant's shareholders at its meeting held on March 11, 2011 (altogether,
the &ldquo;Third Additional Shares&rdquo;). Such 2,453,800 Third Additional Shares were registered by the Registrant on a Registration
Statement on Form S-8 on November 25, 2011 (Registration No. 333-178186) (the &ldquo;Fourth Registration Statement&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 20, 2012, the Compensation and
Benefits Committee of the Board of Directors of BBVA Compass Bancshares, Inc. voted to increase the amount of Ordinary Shares registered
under the Securities Act by 2,759,000 Ordinary Shares (the &ldquo;Fourth Additional Shares&rdquo;) for purposes of reserving (i)
2,459,000 of such Fourth Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan for BBVA Group Management
and Certain Risk Functions in the United States, and (ii) 300,000 of such Fourth Additional Shares for awards of BBVA ADSs under
the BBVA Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan (formerly entitled the Compass Bancshares,
Inc. Local Directors Compensation and Business Development Plan). Such 2,759,000 Fourth Additional Shares were registered by the
Registrant on a Registration Statement on Form S-8 on December 18, 2012 (Registration No. 333-185538) (the &ldquo;Fifth Registration
Statement&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On September 18, 2013, the Compensation
and Benefits Committee of the Board of Directors of BBVA Compass Bancshares, Inc. voted to increase the amount of Ordinary Shares
registered under the Securities Act by 1,311,397 Ordinary Shares (the &ldquo;Fifth Additional Shares&rdquo;) for purposes of reserving
(i) 1,061,397 of such Fifth Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan for BBVA Group Management
and Certain Risk Functions in the United States and (ii) 250,000 of such Fifth Additional Shares for awards of BBVA ADSs under
the BBVA Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan. Such 1,311,397 Fifth Additional Shares
were registered by the Registrant on a Registration Statement on Form S-8 on October 8, 2013 (Registration No. 333-191625) (the
&ldquo;Sixth Registration Statement&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October 27, 2014, the Compensation and
Benefits Committee of the Board of Directors of BBVA Compass Bancshares, Inc. voted to increase the amount of Ordinary Shares registered
under the Securities Act by 2,225,315 Ordinary Shares (the &ldquo;Sixth Additional Shares&rdquo;) for purposes of reserving (i)
1,975,315 of such Sixth Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan for BBVA Group Management and
Certain Risk Functions in the United States and (ii) 250,000 of such Sixth Additional Shares for awards of BBVA ADSs under the
BBVA Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan. Such 2,225,315 Sixth Additional Shares
were registered by the Registrant on a Registration Statement on Form S-8 on November 4, 2014 (Registration No. 333-199835) (the
&ldquo;Seventh Registration Statement&rdquo;).</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 17, 2015, the Compensation and
Benefits Committee of the Board of Directors of BBVA Compass Bancshares, Inc. voted to increase the amount of Ordinary Shares registered
under the Securities Act by 2,000,000 Ordinary Shares (the &ldquo;Seventh Additional Shares&rdquo;)
for purposes of reserving 2,000,000 of such Seventh Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan
for BBVA Group Management and Certain Risk Functions in the United States. Such 2,000,000 Seventh Additional Shares were registered
by the Registrant on a Registration Statement on Form S-8 on December 23, 2015 (Registration No. 333-208728) (the &ldquo;Eighth
Registration Statement&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 28, 2017, the Compensation and
Benefits Committee of the Board of Directors of BBVA Compass Bancshares, Inc. voted to increase the amount of Ordinary Shares registered
under the Securities Act by 5,200,000 Ordinary Shares (the &ldquo;Eighth Additional Shares&rdquo;) for purposes of reserving (i)
4,950,000 of such Eighth Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan for BBVA Group Management
and Certain Risk Functions in the United States and (ii) 250,000 of such Eighth Additional Shares for awards of BBVA ADSs under
the BBVA Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Following such increases, an aggregate of
4,621,615 Ordinary Shares are reserved for awards of BBVA ADSs under the Amended and Restated Restricted Share and Unit Plan of
BBVA Compass Bancshares, Inc., an aggregate of 14,664,512 Ordinary Shares are reserved for awards of BBVA ADSs under the Share
Remuneration Plan for BBVA Group Management and Certain Risk Functions in the United States, and an aggregate of 1,585,093 Ordinary
Shares are reserved for awards of BBVA ADSs under the BBVA Compass Bancshares, Inc. Local Directors Compensation and Business Development
Plan. The Registrant is filing this Registration Statement (this &ldquo;Registration Statement&rdquo;) pursuant to and in accordance
with General Instruction E of Form S-8 to register such Eighth Additional Shares.</P>

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>PART II</U></B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Item 3. Incorporation of Documents by Reference.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to General Instruction E of Form
S-8, the Registrant hereby incorporates by reference the First Registration Statement, the Second Registration Statement, the Third
Registration Statement, the Fourth Registration Statement, the Fifth Registration Statement, the Sixth Registration Statement,
the Seventh Registration Statement, and the Eighth Registration Statement except as the same may be modified by the information
set forth in this Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following documents filed by the Registrant
with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) are hereby incorporated by reference in this Registration
Statement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s Annual Report on Form 20-F for the fiscal year ended December 31, 2016,
as filed with the Commission on March 31, 2017 (File No. 001-10110);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">All reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Securities Exchange
Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), since December 31, 2016, the end of the fiscal year covered by the Registrant&rsquo;s
latest annual report referred to in (a) above; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The description of the Registrant&rsquo;s ordinary shares and the description of the BBVA ADSs
included under the captions &ldquo;Description of BBVA Ordinary Shares&rdquo; and &ldquo;Description of BBVA American Depositary
Shares&rdquo;, respectively, of the Prospectus dated July 28, 2016, included in the Registrant&rsquo;s Registration Statement on
Form F-3 as filed with the Commission on July 28, 2016 (Registration No. 333-212729).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All documents filed and, to the extent indicated
therein, furnished by the Registrant subsequent to the date of this Registration Statement pursuant to Sections 13(a), 13(c), 14
and 15(d), as applicable, of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all securities
offered hereby have been sold or which deregisters all such securities then remaining unsold, shall be deemed to be incorporated
by reference in this Registration Statement and to be a part hereof from the date of filing of such documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any statement in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Registration
Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed
to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not
be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Item 8. Exhibits.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66px">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following exhibits are filed with this Registration
Statement:&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 72pt; text-align: left"><B><U>Exhibit No.</U></B></TD><TD><B><U>Description</U></B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 45pt">4.1</TD><TD STYLE="text-align: justify">Amended and Restated Bylaws (Estatutos) of Banco Bilbao Vizcaya Argentaria, S.A. (English translation).
(*)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 45pt">4.2</TD><TD STYLE="text-align: justify">Amended and Restated Share Remuneration Plan for BBVA Group Management and Certain Risk Functions
in the United States.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 45pt">4.3</TD><TD STYLE="text-align: justify">Form of Amendment Number Five to the BBVA Compass Bancshares, Inc. Local Directors Compensation
and Business Development Plan.</TD></TR></TABLE>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 45pt">5</TD><TD STYLE="text-align: justify">The BBVA ADSs awarded to participants under the Share Remuneration Plan for BBVA Group Management
and Certain Risk Functions in the United States and the BBVA Compass Bancshares, Inc. Local Directors Compensation and Business
Development Plan will be acquired in open market purchases at prevailing market prices or in private transactions. Because such
purchases do not involve the issuance by the Registrant of any new ordinary shares and because such plans are not subject to ERISA,
an opinion of counsel is not included with this Registration Statement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 45pt">23</TD><TD STYLE="text-align: justify">Consent of Deloitte, S.L.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 45pt">24</TD><TD STYLE="text-align: justify">Power of Attorney (included in signature page).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">(*) Incorporated by reference to Exhibit 1.1 of Banco
Bilbao Vizcaya Argentaria, S.A.&rsquo;s Annual Report on Form 20-F for the year ended December 31, 2016.<BR CLEAR="ALL">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets the requirements for filing on Form
S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
Madrid on the 31<SUP>st</SUP> day of March, 2017.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>BANCO BILBAO VIZCAYA ARGENTARIA, S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;/s/ Ricardo Forcano Garc&iacute;a</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;Ricardo Forcano Garc&iacute;a&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;Chief of Talent &amp; Culture</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS that
each of the individuals whose signature appears below (whether as a member of the Board of Directors or officer of Banco Bilbao
Vizcaya Argentaria, S.A., or both, as authorized representative of Banco Bilbao Vizcaya Argentaria, S.A. or otherwise) constitutes
and appoints Ricardo Forcano Garc&iacute;a, Onur Gen&ccedil; and Diego Crasny Zyman, and each of them, his or her true and lawful
attorneys-in-fact and agents, with full and several power of substitution, for him or her in his or her name, place and stead,
in any and all capacities, to sign any and all amendments (including without limitation post-effective amendments) and supplements
to this Registration Statement on Form S-8, and to file the same, with all exhibits thereto, and all documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and
authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully
for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact
and agents or any of them, or their substitutes, may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; text-indent: 0in"><B>Name</B></TD>
    <TD STYLE="width: 4%; text-indent: 0in"><B>&nbsp;</B></TD>
    <TD STYLE="width: 32%; text-indent: 0in"><B>Position</B></TD>
    <TD STYLE="width: 4%; text-indent: 0in"><B>&nbsp;</B></TD>
    <TD STYLE="width: 25%; text-indent: 0in"><B>Date</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid">/s/ Francisco Gonz&aacute;lez Rodr&iacute;guez</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Group Executive Chairman</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Francisco Gonz&aacute;lez Rodr&iacute;guez</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid">/s/ Carlos Torres Vila</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Chief Executive Officer</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Carlos Torres Vila</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid">/s/ Tom&aacute;s Alfaro Drake</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Director</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Tom&aacute;s Alfaro Drake</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid">/s/ Jos&eacute; Miguel Andr&eacute;s Torrecillas</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Director</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Jos&eacute; Miguel Andr&eacute;s Torrecillas</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
</TABLE>


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid; width: 35%">/s/ Jos&eacute; Antonio Fern&aacute;ndez Rivero</TD>
    <TD STYLE="width: 4%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 32%; text-indent: 0in">Director</TD>
    <TD STYLE="width: 4%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 25%; text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Jos&eacute; Antonio Fern&aacute;ndez Rivero</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid">/s/ Bel&eacute;n Garijo L&oacute;pez</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Director</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Bel&eacute;n Garijo L&oacute;pez</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-indent: 0in; border-bottom: Black 1pt solid">/s/ Jos&eacute; Manuel Gonz&aacute;lez-P&aacute;ramo Mart&iacute;nez Murillo</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Director</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Jos&eacute; Manuel Gonz&aacute;lez-P&aacute;ramo Mart&iacute;nez Murillo</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid">/s/ Sunir Kumar Kapoor</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Director</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Sunir Kumar Kapoor</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid">/s/ Carlos Loring Mart&iacute;nez de Irujo</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Director</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Carlos Loring Mart&iacute;nez de Irujo</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid">/s/ Lourdes M&aacute;iz Carro</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Director</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Lourdes M&aacute;iz Carro</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid">/s/ Jos&eacute; Maldonado Ramos</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Director</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Jos&eacute; Maldonado Ramos</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid">/s/ Juan Pi Llorens</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Director</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Juan Pi Llorens</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid">/s/ Susana Rodr&iacute;guez Vidarte</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Director</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Susana Rodr&iacute;guez Vidarte</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid">/s/ James Andrew Stott</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Director</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">James Andrew Stott</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
</TABLE>


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid; width: 35%">/s/ Jaime S&aacute;enz de Tejada Pulido</TD>
    <TD STYLE="width: 4%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 32%; text-indent: 0in">Head of Finance</TD>
    <TD STYLE="width: 4%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 25%; text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Jaime S&aacute;enz de Tejada Pulido</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid">/s/ Ricardo G&oacute;mez Barredo</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="text-indent: 0in">Head of Accounting and Supervisors</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Ricardo G&oacute;mez Barredo</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid">/s/ Diego Crasny Zyman</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Authorized Representative of Banco</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">March 31, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Diego Crasny Zyman</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Bilbao Vizcaya Argentaria, S.A. in the United States</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
</TABLE>


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

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

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



















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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 72pt; text-align: left"><FONT STYLE="font-size: 10pt"><B><U>Exhibit No.</U></B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B><U>Description</U></B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 45pt">4.1</TD><TD STYLE="text-align: justify">Amended and Restated Bylaws (Estatutos) of Banco Bilbao Vizcaya Argentaria, S.A. (English translation).
(*)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 45pt">4.2</TD><TD STYLE="text-align: justify">Amended and Restated Share Remuneration Plan for BBVA Group Management and Certain Risk Functions
in the United States.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 45pt">4.3</TD><TD STYLE="text-align: justify">Form of Amendment Number Five to the BBVA Compass Bancshares, Inc. Local Directors Compensation
and Business Development Plan.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 45pt">5</TD><TD STYLE="text-align: justify">The BBVA ADSs awarded to participants under the Share Remuneration Plan for BBVA Group Management
and Certain Risk Functions in the United States, and the BBVA Compass Bancshares, Inc. Local Directors Compensation and Business
Development Plan will be acquired in open market purchases at prevailing market prices or in private transactions. Because such
purchases do not involve the issuance by the Registrant of any new ordinary shares and because such plans are not subject to ERISA,
an opinion of counsel is not included with this Registration Statement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 45pt">23</TD><TD STYLE="text-align: justify">Consent of Deloitte, S.L.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 45pt">24</TD><TD STYLE="text-align: justify">Power of Attorney (included in signature page).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">(*) &nbsp;Incorporated by reference to Exhibit 1.1 of Banco
Bilbao Vizcaya Argentaria, S.A.&rsquo;s Annual Report on Form 20-F for the year ended December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>dp74527_ex0402.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: right; text-indent: -45pt">Exhibit 4.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: right; text-indent: -45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SHARE REMUNERATION PLAN FOR BBVA GROUP
MANAGEMENT&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AND CERTAIN RISK FUNCTIONS IN THE UNITED
STATES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As Amended and Restated Effective March
28, 2017</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Share Remuneration
Plan for BBVA Group Management and Certain Risk Functions in the United States (the &ldquo;Plan&rdquo;) is to provide incentives
to employees of Banco Bilbao Vizcaya Argentaria, S.A., a bank organized and existing under the Laws of Spain (the &ldquo;Company&rdquo;),
or its affiliates, in the United States (including its territories) who are within the Defined Group (as defined herein) so that,
among other things, such officers and employees are associated with the growth and success of the Company and its respective subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Incentives granted
under this Plan are intended to, and will, be consistent with BBVA&rsquo;s Remuneration Policy for Identified Staff, which includes
the system of variable remuneration in shares, as may be adopted by the Company and in effect from time to time, including the
rules and guidelines under any such Policy as may be established by the Company and including among others the application of any
performance indicators to Awards (as defined herein) made hereunder (altogether, the &quot;BBVA Policy&quot;) deferral schemes,
ex post adjustments and retention rules, subject to the express requirements of this Plan and any Award Agreements under this Plan.
The system of variable remuneration as of the time of the initial adoption of the Plan consisted of the system of variable remuneration
in shares for BBVA Group Management created by and provided for pursuant to the Resolutions under Agenda Item Seven adopted at
the General Meeting of Shareholders of Banco Bilbao Vizcaya Argentaria, S.A., held on March 11, 2011 (a copy of which is included
herewith as Exhibit A) and further developed and established by the Board of Directors of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan is being amended
and restated effective March 28, 2017 to revise the Plan&rsquo;s provisions regarding the treatment of Awards upon a Participant&rsquo;s
Voluntary Termination of employment and to include new malus and clawback provisions regarding Awards, in line with the changes
included in 2017 to the Remuneration Policy for Identified Staff, as approved by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>SECTION 1. Definitions</B>. For purposes
of the Plan, the following terms shall be defined as set forth below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;ADS&rdquo;
means an American Depositary Share representing one Share (which ratio may be changed from time to time) as evidenced by one American
Depositary Receipt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Award&rdquo;
means any Restricted Share Units granted under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Award
Agreement&rdquo; means any written agreement, contract or other instrument or document evidencing an Award granted under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Committee&rdquo;
means the Administrative Committee for this Plan, which shall consist of three or more directors or officers of Compass or any
affiliate of Compass or other individuals appointed by the board of directors, or an appropriate committee of the board of directors,
of Compass.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Compass&rdquo;
means BBVA Compass Bancshares, Inc., a Texas corporation, and any successor entity thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Eligible
Employee&rdquo; means any officer or employee of the Company, or of any entity that is a direct or indirect subsidiary of the Company,
operating in the United States (including its territories), who is designated as part of the Defined Group.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Defined
Group&rdquo; means certain designated employees in the United States whose activities are considered to have a material impact
on the Company&rsquo;s risk profile or who are engaged in certain control functions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Participant&rdquo;
means an Eligible Employee designated to be granted an Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Restricted
Share&rdquo; means an ADS subject to certain restrictions that is released to a Participant pursuant to an Award under this Plan
and further described in Section 7 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Restricted
Share Units&rdquo; means an Award of a unit representing an obligation of Compass to deliver one ADS or Restricted Share, as applicable,
for each such unit granted to a Participant pursuant to and subject to the terms and conditions set forth in this Plan and the
Award Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Share&rdquo;
means one ordinary share of the Company with a nominal value of 49 Euro cents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Unit
Restriction Period&rdquo; means the time period designated by the Committee in an Award Agreement with such period starting on
the date of the initial award and ending on the date(s) specified by the Committee in the Award Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>SECTION 2. Administration</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan shall be administered by the Committee. Subject always to compliance with the BBVA System, the Committee shall have full and
final authority in its discretion (A) to interpret the provisions of the Plan (and any Award Agreement) and to decide all questions
of fact arising in its application, (B) to designate Participants, (C) to determine the Participants to whom Awards shall be made
under the Plan, (D) to determine the amount, size, terms and conditions of each such Award, (E) to determine and establish additional
terms and conditions not inconsistent with the Plan for any Award granted to a Participant in connection with the Plan, (F) to
determine the time when Awards will be granted, (G) to adopt, alter and repeal such administrative rules, guidelines and practices
governing the Plan as it shall, from time to time, deem advisable and (H) to make all other determinations necessary or advisable
for the administration of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
majority of the Committee shall constitute a quorum, and the action of a majority of members of the Committee present at any meeting
at which a quorum is present shall be the act of the Committee. The Committee may also act by unanimous written consent. Any decision
made, or action taken, by the Committee arising out of or in connection with the interpretation and administration of the Plan
shall be final, conclusive and nonappeallable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Committee nor any member thereof shall be liable for any act, omission, interpretation, construction or determination made
in connection with the Plan in good faith, and the members of the Committee may be entitled to indemnification and reimbursement
by Compass in respect of any claim, loss, damage or expense (including attorneys&rsquo; fees) arising therefrom to the fullest
extent permitted by law and under any director&rsquo;s and officers&rsquo; liability insurance that may be in effect from time
to time. In addition, no member of the Committee and no director, officer or employee of Compass or its subsidiaries and affiliates
shall be liable for any act, or failure to act hereunder, by any other member or other director, officer or employee of Compass
or its subsidiaries and affiliates or by any agent to whom duties in connection with the administration of this Plan have been
delegated or for any act or failure to act by such member or such director, officer or employee, in all events except in circumstances
involving such member&rsquo;s or such director&rsquo;s, officer&rsquo;s or employee&rsquo;s bad faith, gross negligence, intentional
fraud or violation of a statute.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee may, in its sole discretion, delegate any of its powers to grant Awards under the Plan to any officer of Compass deemed
appropriate by the Committee; provided, however, that no officer to whom the power to grant Awards under the Plan has been delegated
shall have the power to grant Awards under the Plan to himself or herself.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>SECTION 3. Eligibility;
Participants</B>. Any Eligible Employee shall be eligible to be designated a Participant.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>SECTION 4. Awards
Under the Plan</B>. Awards by the Committee under the Plan will be in the form of Restricted Share Units, provided that no Award
shall be made under the Plan unless such Award shall comply with all applicable laws, including without limitation, the Securities
Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and
the requirements of any stock exchange upon which the Shares may then be listed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>SECTION 5. ADSs
Subject to Plan</B>. The total number of ADSs reserved and available for distribution under the Plan shall be 14,664,512 . Such
ADSs shall consist of ADSs purchased or to be purchased from time to time in open-market or in private transactions by or on behalf
of Compass. In the event of any change in the outstanding number of Shares of the Company underlying the ADSs by reason of, a Share
split, recapitalization, merger, consolidation, split-up, combination, exchange of shares or otherwise, or in the case of any change
in the ratio of ADSs to Shares, the board of directors of Compass or the Committee shall act to ensure that the economic return
that the Participants may receive on the settlement of Awards will not be significantly distorted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>SECTION 6. Effective
Date. </B>The effective date of this amendment and restatement shall be March 28, 2017. The Plan&rsquo;s original effective date
is November 15, 2011.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>SECTION 7. Restricted
Shares.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Evidence
of Restriction</I>. Each Restricted Share shall be subject to such restrictions described in subsection (b) of this Section 7 as
may apply and will be evidenced in such manner as the Committee shall determine. If certificates representing Restricted Shares
are registered in the name of a Participant, such certificates shall bear an appropriate legend referring to the terms, conditions
and restrictions applicable to such Restricted Shares, and, unless otherwise determined by the Committee, Compass or its designee
shall retain physical possession of the certificate and the Participant shall deliver a stock power to Compass, endorsed in blank,
relating to the Restricted Shares covered by such Award. Additionally, and without limiting any other manner in which the Committee
shall determine to evidence applicable restrictions associated with Restricted Shares, if Restricted Shares are released to Participants
by transfer of such shares to one or more accounts in the Participant&rsquo;s name that are maintained by an administrative agent
for the Plan, such account(s), or such shares held in the account(s), shall be subject to transaction or other limitations as may
be considered necessary to effectuate the restrictions associated with the Restricted Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restrictions
and Conditions</I>. Restricted Shares released pursuant to an award under this Plan shall be subject to such restrictions and conditions
(including the terms during which the restrictions or conditions may apply) as the Committee may determine and which restrictions
and conditions shall be reflected in the applicable Award Agreement. It is anticipated that, in the case of restrictions and conditions
prohibiting the Participant&rsquo;s sale, transfer, pledge or assignment of the Restricted Shares, to the extent practicable, the
Participant shall have, with respect to the Restricted Shares, all of the rights of a holder of ADSs as defined by that certain
depository agreement between the ADS depository and the Company, including the right to vote and to receive any dividends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>SECTION 8. Restricted
Share Unit Awards</B>.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD><I>Awards</I>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Award of Restricted Share Units shall be evidenced by an Award Agreement (a &ldquo;Restricted Share Unit Award Agreement&rdquo;)
in a form that is not inconsistent with the Plan and the BBVA System and that the Committee may from time to time approve. The
Committee may, but need not, require as a condition of the effectiveness of an Award of Restricted Share Units that the Award be
affirmatively accepted by the Participant&rsquo;s executing a Restricted Share Unit Award Agreement within a designated period
(not to exceed ninety (90) days) after the award date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in this Plan or the terms and conditions of a Participant&rsquo;s Restricted Share Unit Award Agreement to the contrary,
any Awards unvested as of the effective date of this amendment and restatement shall be administered pursuant to the restrictions
and conditions of this amended and restated Plan; provided, however, that the Award of any former Participant that has been forfeited
prior to the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">effective date of this amendment and restatement
shall not be administered pursuant to this Section 8(a)(ii).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restrictions
and Conditions</I>. The Restricted Share Units awarded pursuant to this Plan shall be subject to the following restrictions and
conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of this Plan and the Restricted Share Unit Award Agreements, from the date of grant through the date on which
the ADSs subject to the Restricted Share Units are transferred to the Participant upon the expiration of the Unit Restriction Period,
the Participant shall not have any legal ownership or any other rights relating to the ADSs that are the subject of the Restricted
Share Units. The participant shall not be entitled to any dividend or have any voting rights or any other rights as a shareholder
of the Company until and unless the ADSs that are the subject of the Restricted Share Units are transferred to the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the expiration of the Unit Restriction Period, the ADSs (which may themselves be Restricted Shares) which are the subject of the
Restricted Share Units shall be transferred to the Participant on March 1 of the year in which such Unit Restriction Period expires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Restricted Share Unit Award Agreement and this Section 8, upon termination of employment for any reason,
other than Voluntary Termination, Retirement, Early Retirement, Disability, a Severance Plan Termination, in each case as described
below, or death, during the Unit Restriction Period, all Restricted Share Units which remain outstanding on the date of such termination
of employment shall be forfeited by the Participant, except as otherwise provided in the Restricted Share Unit Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in this Plan or the terms and conditions of a Participant&rsquo;s Restricted Share Unit Award Agreement to the contrary,
up to 100% of a Participant&rsquo;s Award shall be subject to forfeiture and may be clawed back by the Company, both linked to
a downturn in financial performance of the Company as a whole, or of a specific unit or area, or to exposures generated by a Participant,
when such downturn in financial performance arises from any of the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.3in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Misconduct, fraud, or serious infringement of the Code of Conduct and other applicable internal
rules by the Participant;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.3in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Regulatory sanctions or judicial convictions due to events that could be attributed to a specific
unit or to the staff responsible for such events;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.3in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Significant failure of risk management committed by the Company or by a business or risk control
unit, to which the willful misconduct or gross negligence of the Participant contributed;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.3in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">Restatement of the Company&rsquo;s annual accounts, except where such restatement is due to a change
in applicable accounting legislation.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To determine if an award will be forfeited
or clawed back, the Company will review the Participant&rsquo;s performance and/or behavior that may have contributed to the downturn
in financial performance or exposures generated by the Participant. Both forfeiture and clawback will apply to the annual variable
remuneration of the financial year in which the Participant&rsquo;s performance and/or behavior that may have contributed to the
downturn in financial performance or exposures generated by the Participant occurred. The award may be forfeited or clawed back
until the expiration of the Unit Restriction Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, in the event
that the Participant&rsquo;s employment with the Company ends and it is determined that the Participant has committed a material
violation of the Company&rsquo;s code of conduct or other policies or internal controls, as determined by the Company&rsquo;s senior
human resources executive, forfeiture and/or clawback provisions may apply to the Award pending payment during the Unit Restriction
Period as of the date of termination of employment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The variable remuneration is paid or vests
only if it is sustainable according to the Group's situation as a whole, and justified on the basis of the performance of the Bank,
the business unit and of the Participant.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forfeiture and clawback arrangements will
be applicable to the annual variable remuneration awarded as of the year 2016, and awards made in subsequent years.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD>The following terms shall have the meanings provided
hereafter:</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i) &quot;Retirement&quot;
shall refer to a Participant's voluntary termination of employment at any time after attaining age 65.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii) &quot;Early Retirement&quot;
shall refer to a Participant's voluntary termination of employment at any time after attaining age 55, provided that, at such time,
Participant shall have been continuously employed by one or more employers within the BBVA Group of companies for at least ten
(10) years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii) &quot;Disability&quot;
shall exist if Compass determines that the Participant is disabled as defined in the Compass 401(k) Plan, or any successor plan,
as such plan may be amended from time to time, or according to such other reasonable standard that Compass may apply, in its sole
discretion. As an express condition of the applicability of this subparagraph (iii), Participant must agree to cooperate with Compass
in determining whether Participant is disabled, including without limitation providing documentation from health care providers
and submitting to medical examinations upon request by Compass.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv) &quot;Severance
Plan Termination&quot; shall refer to a termination within the meaning of the Compass Severance Pay Plan (the &ldquo;Severance
Pay Plan&rdquo;), as the Severance Pay Plan may exist from time to time (including any amendment to, modification of, addition
to, deletion from, or replacement of the Severance Pay Plan), that results in eligibility for benefits under the Severance Pay
Plan. Notwithstanding anything to the contrary herein, this provision is not intended to, and does not, constitute a guarantee
or promise that the Severance Pay Plan (in its current or any future form) will be continued. For purposes of this Plan only, &quot;Severance
Plan Termination&quot; shall also refer to any mutual separation agreement which may be entered into by the Participant and the
BBVA Group employer, provided that such agreement expressly addresses the disposition of an Award under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v) &ldquo;Voluntary
Termination&rdquo; shall refer to a termination of employment not due to Retirement, Early Retirement, Disability, a Severance
Plan Termination; provided, however, to be eligible for Voluntary Termination, a Participant shall not have committed a material&nbsp;violation
of the Company's codes of conduct or other policies or internal controls, as determined by the Company's senior human resources
executive or designee in its sole and absolute discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>SECTION 9. General
Provisions</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Governmental
or Other Regulations.</I> Each Award under the Plan shall be subject to the requirement that if, at any time, the Committee shall
determine that (i) the listing, registration or qualification of the ADSs subject or related thereto upon any securities exchange
or under any state, federal or foreign law, (ii) the consent or approval of any government regulatory authority, or (iii) an agreement
by the recipient of an Award with respect to the disposition of the ADSs, is necessary or desirable as a condition of, or in connection
with, the granting of such Award or the delivery of ADSs thereunder, such Award may not be consummated in whole or in part unless
such listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions
not acceptable to the Committee. As a condition to the grant of an Award under the Plan, the Participant shall agree, and each
such Participant shall be deemed to have agreed by virtue of his or her acceptance of an Award or any benefit or value derived
from an Award, to execute any documents, to make any representations, to effect any restrictions on transferability and to take
any action which in the good faith belief of the Committee is required by any applicable law, ruling or regulation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Additional Rights. Nothing in the Plan, any Award, or in any agreement entered into pursuant to the Plan shall confer upon any
Participant the right to continue in the employment of the Company, Compass or any of their affiliates or affect any right which
any of them may have to terminate the employment of the Participant.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding.
Whenever Compass is required to transfer ADSs under the Plan, Compass or any subsidiary of Compass shall require the recipient
to remit to Compass or such subsidiary an amount sufficient to satisfy any foreign, federal, state or local withholding tax requirements
prior to the transfer of such ADSs. Any Participant failing to satisfy such withholding payments as administratively prescribed
by Compass shall forfeit his or her Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Assignability.
Unless otherwise determined by the Committee and reflected in the applicable Award Agreement, no Award under the Plan shall be
assignable or transferable by a Participant except by will or by the laws of descent and distribution. A transferee of an Award
shall have only those rights that the Participant would have had had the Award not been transferred. In addition, if the Committee
allows an Award to be transferable or assignable, such Award shall be subject to such additional terms and conditions as the Committee
deems appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unfunded
Status of Plan. The Plan is intended to constitute an &ldquo;unfunded&rdquo; plan for incentive compensation. Nothing set forth
herein shall give any such Participant any rights that are greater than those of a general creditor of Compass. In its sole discretion,
the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver
ADSs with respect to Awards hereunder; provided, however, that the existence of such trusts or other arrangements is consistent
with the unfunded status of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Uniform
Determination. The Committee&rsquo;s determinations under the Plan (including, without limitation, determinations of the Eligible
Employees to receive Awards, the form, amount and timing of such Awards, the terms and provisions of Awards and the Award Agreements)
need not be uniform and may be made by it selectively among Eligible Employees who receive, or are eligible to receive, Awards
under the Plan, whether or not such Eligible Employees are similarly situated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment
or Termination. The Committee or the board of directors of Compass may amend, modify, suspend or terminate the Plan at any time.
The termination or any modification, suspension or amendment of the Plan shall not adversely affect a Participant's rights under
an Award previously granted without the consent of such Participant. The Committee or the board of directors of Compass may amend
the terms of any Award theretofore granted, prospective or retroactively, but no such amendment shall impair the rights of any
Participant or permitted transferee without his or her consent, except and unless such prospective or retroactive amendment is,
in the good faith belief of the Committee, necessary to comply with any applicable state, federal or foreign law, including without
limitation any such law applicable to the Company or Compass.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Restriction on Right of Company to Effect Corporate Changes. Nothing in the Plan shall affect the right or power of the Company
or Compass or their shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes
in the Company&rsquo;s or Compass&rsquo; capital structure or its business, or any merger or consolidation of the Company or Compass,
or the dissolution or liquidation of the Company or Compass, or any sale or transfer of all or any part of its assets or business
of the Company or Compass, or any other act or proceeding, whether of a similar character or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Award
Agreement. The prospective recipient of an Award under the Plan shall execute an Award Agreement evidencing the Award and deliver
a fully executed copy thereof to Compass if the Committee determines to impose such a requirement as a condition to the effectiveness
of an Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction
of Plan. The validity, interpretation, and administration of the Plan and of any rules, regulations, determinations, or decisions
made thereunder, and the rights of any and all Eligible Employees or Participants having or claiming to have any interest therein
or thereunder, shall be determined exclusively in accordance with the laws of the State of Alabama.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
409A of the Internal Revenue Code. The Plan, and Award Agreement, and all Awards granted hereunder are intended to comply, and
to be operated in all respected in compliance with Section 409A of the Code (&ldquo;Section 409A&rdquo;) by requiring payment at
a specified time as set forth in Regulation Section 1.409A-3(a)(4). All provisions of this Plan and any Award Agreement or related
document shall be interpreted or construed so as to meet the requirements of Section 409A and no action, amendment or termination
of the Plan shall be effective to the extent that it would cause the Plan, any Award Agreement, or any Award to violate the requirements
of Section 409A.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Committee shall have the discretion
to modify or amend any provision of the Plan, Award Agreement or ant Award issued under the Plan, or any other agreement or arrangement
contemplated by the Plan that is found not to comply with the provisions of Section 409A if such modification or amendment is deemed
to be reasonable necessary to comply with Section 409A.</P>

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


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

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<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>dp74527_ex0403.htm
<DESCRIPTION>EXHIBIT 4.3
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 4.3</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 160.4pt 0pt 160.55pt; text-align: center">AMENDMENT NUMBER FIVE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.1pt 0pt 71.85pt; text-align: center">TO THE BBVA COMPASS BANCSHARES,
INC. LOCAL DIRECTORS COMPENSATION AND BUSINESS DEVELOPMENT PLAN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 72.1pt 0pt 71.85pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.05pt 0pt 5pt; text-align: justify; text-indent: 0.5in">The BBVA
Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan, effective as of October 22, 2007, as amended
by that certain Amendment Number One to the Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan
dated November 23, 2009, that certain Amendment Number Two to the Compass Bancshares, Inc. Local Directors Compensation and Business
Development Plan dated November 20, 2012, that certain Amendment Number Three to the BBVA Compass Bancshares, Inc. Local Directors
Compensation and Business Development Plan dated September 18, 2013, and that certain Amendment Number Four to the BBVA Compass
Bancshares, Inc. Local Directors Compensation and Business Development Plan dated October 27, 2014 (the &ldquo;Plan&rdquo;), is
hereby further amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.05pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.8pt 0pt 5pt; text-align: justify; text-indent: 0.5in">(1) The
second sentence of Section 4 is removed in its entirety, and in lieu thereof, the following sentence is substituted in its place:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.8pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.95pt 0pt 23pt; text-indent: 0.25in">&ldquo;The number of BBVA
ADSs that may be acquired by Participants pursuant to the Plan shall not exceed an aggregate of 1,585,093 subject to the adjustments
provided for in section 11.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.95pt 0pt 23pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">(2) All other provisions of the Plan shall remain in
full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>








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<TYPE>EX-23
<SEQUENCE>4
<FILENAME>dp74527_ex23.htm
<DESCRIPTION>EXHIBIT 23
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B STYLE="text-decoration: none; font-style: normal; font-weight: normal">Exhibit 23</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference
in this Registration Statement on Form S-8 of our reports dated March 31, 2017, relating to the consolidated financial statements
of Banco Bilbao Vizcaya Argentaria, S.A. and subsidiaries composing the Banco Bilbao Vizcaya Argentaria Group (the &ldquo;Group&rdquo;)
and the effectiveness of the Group&rsquo;s internal control over financial reporting, appearing in the Annual Report on Form 20-F
of Banco Bilbao Vizcaya Argentaria, S.A. for the year ended December 31, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;/s/ Deloitte, S.L.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Madrid, Spain</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 31, 2017</P>

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

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

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