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<SEC-DOCUMENT>0000950103-06-001769.txt : 20060717
<SEC-HEADER>0000950103-06-001769.hdr.sgml : 20060717
<ACCEPTANCE-DATETIME>20060717162406
ACCESSION NUMBER:		0000950103-06-001769
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20060717
DATE AS OF CHANGE:		20060717

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BBVA BANCO FRANCES SA
		CENTRAL INDEX KEY:			0000913059
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-49407
		FILM NUMBER:		06965196

	BUSINESS ADDRESS:	
		STREET 1:		RECONQUISTA 199
		CITY:			1003 BUENOS AIRES AR
		STATE:			C1
		ZIP:			00000
		BUSINESS PHONE:		2127595576

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRENCH BANK OF THE RIO DE LA PLATA
		DATE OF NAME CHANGE:	19931005

FILED BY:		

	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:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		PLAZA DE SAN NICOLAS 4
		CITY:			48005 BILBAO SPAIN
		STATE:			U3
		BUSINESS PHONE:		0113494487

	MAIL ADDRESS:	
		STREET 1:		PLAZA DE SAN NICOLAS 4
		STREET 2:		C/O DAVIS POLK & WARDWELL
		CITY:			BILBAO SPAIN
		STATE:			U3
		ZIP:			10005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO BILBAO VIZCAYA S A
		DATE OF NAME CHANGE:	19991103
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>dp03050_13da8-franc.htm
<TEXT>



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          <td align="center"><b><font size=5 face="serif">UNITED STATES </font></b></td>
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          <td align="center"><b><font size=5 face="serif">SECURITIES AND EXCHANGE
          COMMISSION</font></b></td>
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          <td align="center"><b><font size=2 face="serif">Washington, D.C. 20549</font></b></td>
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          <td align="center"><hr noshade size=1 width=15%></td>
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          <td align="center"><b><font size=5 face="serif">SCHEDULE 13D </font></b><br>
               <b><font size=2 face="serif">Under the Securities Exchange Act
          of 1934</font></b></td>
     </tr>
     <tr>
          <td align="center">&nbsp;</td>
     </tr>
     <tr>
          <td align="center"><b><font face="serif">(Amendment No. 8)</font></b><b><sup><font face="serif">*</font></sup></b><b><font face="serif"> </font></b></td>
     </tr>
     <tr>
          <td align="center">&nbsp;</td>
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     <tr>
          <td align="center"><b><font size=5 face="serif">BBVA Banco Franc&eacute;s
                S.A. </font></b></td>
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     <tr>
          <td align="center"><div style="BORDER-TOP: 1px solid"><font size=1 face="serif">(Name of Issuer)</font></DIV></td>
     </tr>
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          <td align="center">&nbsp;</td>
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          <td align="center"><b><font size=4 face="serif">Ordinary Shares </font></b></td>
     </tr>
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          <td align="center"><div style="BORDER-TOP: 1px solid"><font size=1 face="serif">
                (Title of Class of Securities)</font></DIV></td>
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          <td align="center">&nbsp;</td>
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     <tr>
          <td align="center"><b><font size=4 face="serif">05959110 </font></b></td>
     </tr>
     <tr>
          <td align="center"><div style="BORDER-TOP: 1px solid"><font size=1 face="serif">(CUSIP
                         Number)</font></DIV></td>
     </tr>
     <tr>
          <td align="center">&nbsp;</td>
     </tr>
     <tr>
          <td align="center"><div style="BORDER-TOP: 1px solid"><b><font size=2 face="serif">Javier
                              Malag&oacute;n Navas<br>
                    Authorized Representative of<br>
                    Banco Bilbao Vizcaya Argentaria,
                    S.A.<br>
                    Paseo de la Castellana 81, 20<sup>th</sup> Floor<br>
                    28046 Madrid<br>
                    Spain<br>
                    011-34-91-537-8172 </font></b></DIV></td>
     </tr>
     <tr>
          <td align="center"><div style="BORDER-TOP: 1px solid"><font size=1 face="serif">(Name,
                         Address and Telephone Number of Person Authorized to
                         Receive Notices </font><font size=1 face="serif">and
                         Communications)</font><font size=2 face="serif"> </font></DIV></td>
     </tr>
     <tr>
          <td align="center">&nbsp;</td>
     </tr>
     <tr>
          <td align="center"><b><font size=2 face="serif">June 30, 2006</font></b></td>
     </tr>
     <tr>
          <td align="center"><div style="BORDER-TOP: 1px solid"><font size=1 face="serif">(Date
                         of Event which Requires Filing of this Statement)</font></DIV></td>
     </tr>
     <tr>
          <td align="center">&nbsp;</td>
     </tr>
     <tr>
          <td align="center"><hr noshade size=1 width=15%></td>
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</table>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of
&sect;&sect;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box: <font face="Wingdings">o</font>. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Note</FONT></I><FONT size=2 face="serif">.
Schedules filed in paper format shall include a signed original and five copies
of the schedule, including all exhibits. See &sect;240.13d-7 for
other parties to whom copies are to be sent.</FONT>

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<br>
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP><FONT size=2 face="serif">* </FONT></SUP><FONT size=2 face="serif">The
remainder of this cover page shall be filled out for a reporting person&#146;s
initial filing on this form with respect to the subject class of  securities,
and for any subsequent amendment containing information which would alter disclosures
provided in a prior cover page. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The information required on the remainder of this cover page shall not be deemed to be &#147;filed&#148; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#147;Act&#148;)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the </FONT><I><FONT size=2 face="serif">Notes</FONT></I><FONT size=2 face="serif">). </FONT></P>

<br>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
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<div align="center"><FONT size=2 face="serif">1 of 7 Pages</FONT>
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<br>
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             <table width="90%" border="0" cellspacing="0" cellpadding="10">
                  <tr>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="left" valign="middle"><font size="2" face="Times New Roman, Times, serif"><strong>CUSIP
                                      No. <font face="serif">05959110</font></strong></font></td>
                       <td width="34%" align="center" valign="middle"><font size="3" face="Times New Roman, Times, serif"><strong>13D</strong></font></td>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="center" valign="middle">&nbsp; </td>
                  </tr>
             </table>
        </div>
        <br>
<div align=center>
             <table width="90%" border="1" cellpadding="5" cellspacing="0" bordercolor="#000000">
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">1</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">NAME
                                 OF REPORTING PERSONS.<br>
                    I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) <br>
                    <br>
                       </font><font size="2">Banco Bilbao
                       Vizcaya Argentaria, S.A.</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">2</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 THE APPROPRIATE BOX IF A MEMBER OF A GROUP*</font>
                                 <div align=right><font size="2" face="Times New Roman, Times, serif">(a)</font>&nbsp;<font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <font size="2" face="Times New Roman, Times, serif">(b)</font>&nbsp;<font size=2 face=wingdings>x</font>&nbsp;</div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">3</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SEC
                                 USE ONLY</font><br>
                                 <br>                    </td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">4</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SOURCE
                                 OF FUNDS*<br>
                                      <br>
                                      WC
                       </font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">5</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                                 PURSUANT TO ITEM 2(d) or 2(e)</font>
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">6</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">CITIZENSHIP
                                 OR PLACE OF ORGANIZATION<br>
                                      <br>
                       </font><font size="2" face="serif">Kingdom of Spain </font></td>
                  </tr>
                  <tr>
                       <td colspan="2" rowspan="4" align="center" valign="middle"><font size="2" face="Times New Roman, Times, serif">NUMBER
                                 OF SHARES<br>
                    BENEFICIALLY OWNED BY
                    EACH <br>
                    REPORTING PERSON
                    WITH </font></td>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">7</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 VOTING POWER<br>
                                      <br>
                       </font><font size=2 face="serif">358,674,135</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">8</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 VOTING POWER<br>
                                      <br>
                       </font><font size="2" face="serif">Not applicable </font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">9</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 DISPOSITIVE POWER<br>
                                      <br>
                       </font><font size=2 face="serif">358,674,135</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">10</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 DISPOSITIVE POWER<br>
                                      <br>
                       </font><font size=2 face="serif">Not applicable</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">11</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">AGGREGATE
                                 AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
                                 PERSON<br>
                                      <br>
                       </font><font size=2 face="serif">358,674,135</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">12</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                                 CERTAIN SHARES*</font>
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">13</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">PERCENT
                                 OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>
                                      <br>
                       </font><font size=2 face="serif">76.09%</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">14</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">TYPE
                                 OF REPORTING PERSON<br>
                                      <br>
                       </font><font size="2" face="serif">BK</font></td>
                  </tr>
             </table></div>
             &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">*See response to Item 3</font>
<P align="center">
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<B><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Item 1. Security and Issuer</FONT></I></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Banco Bilbao Vizcaya
Argentaria, S.A. hereby amends and supplements its Report on Schedule 13D, originally
filed on October 17, 1996 (as heretofore amended and supplemented, the &#147;Schedule
 13D&#148;) with respect to the purchase of ordinary shares of Argentine Peso
 1.00 par value each (the &#147;Shares&#148;) of BBVA Banco Franc&eacute;s S.A.
 (the &#147;Company&#148;). Unless otherwise indicated, capitalized terms used
 in this  Amendment No. 8 (the &#147;Amendment&#148;), but not defined herein,
 shall have the meaning assigned to such term in the Schedule 13D. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Rule 13d-2(e) of the Exchange Act provides that the first electronic format amendment to a paper format Schedule 13D shall restate the entire text of the Schedule 13D. Accordingly, the Schedule
13D and each of the prior seven amendments thereto are being filed as part of this Amendment as Exhibit 1, Exhibit 2, Exhibit 3, Exhibit 4, Exhibit 5, Exhibit 6, Exhibit 7 and Exhibit 8 hereto and are incorporated by reference herein for all
purposes. Because previously filed paper exhibits to a Schedule 13D are not required to be restated electronically, exhibits to the Schedule 13D previously filed in paper format are not being refiled with this Amendment.</FONT></P>
<B><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Item 2. Identity and Background.</FONT></I></B>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2 of the schedule
13D is hereby amended and supplemented by the following information: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The person filing this
statement is Banco Bilbao Vizcaya Argentaria, S.A. (&#147;BBVA&#148;), whose
principal business office is located at Paseo de la Castellana 81, </FONT><FONT size=2 face="serif">28046
Madrid, Spain. The names, addresses, occupations and citizenship of the executive
officers and directors of BBVA are set forth on Annex A hereto. </FONT></P>
<P>
<B><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Item 3. Source and Amount of Funds or Other Consideration. </FONT></I></B></P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3 of the Schedule
13D is hereby amended and supplemented by the following information: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Since the filing of Amendment No. 7 to the Schedule 13D on December 22, 2000 (attached hereto as Exhibit 8) through June 30, 2006, BBVA has acquired, directly or indirectly, through open market
purchases an additional 215,613,841 Shares of the Company. These acquisitions were funded with internally generated funds. </FONT></P>
<B><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Item 4. Purpose of Transaction.</FONT></I></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The response set forth in Item 4 of the Schedule 13D is hereby amended and supplemented by the following information: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">BBVA intends to review its holdings in the Company on a continuing basis and, depending upon the price and availability of the Shares, subsequent developments affecting the Company, the
business prospects of the Company, general stock market and economic conditions, tax considerations and other factors deemed relevant, may consider increasing or decreasing their investment in the Company. As part of this ongoing review, BBVA has
engaged and/or may in the future engage, legal and financial advisors to assist it in such review and in evaluating strategic alternatives that are or may become available with respect to its holdings in the Company. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Except as set forth in this Amendment, BBVA does not have any plan or proposals that relate to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of
Schedule 13D. </FONT></P>
<B><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Item 5. Interest in Securities of the Issuer.</FONT></I></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The response set forth in Item 5(a) of the Schedule 13D is hereby amended and supplemented by the following information: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As a result of its acquisition of the Shares through open market transactions, BBVA beneficially owns, directly and indirectly through certain of its subsidiaries, for the purpose of Rule 13d-3
under the Exchange Act, approximately 358,674,135 Shares, representing 76.09% of the outstanding Shares of the Company (45.65% are owned directly by BBVA and 30.44% are owned indirectly through certain subsidiaries of BBVA). </FONT><B><FONT size=2
face="serif"> </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Except as set forth in this Item 5(a), none of BBVA or any other person controlling BBVA beneficially owns any Shares. </FONT></P>
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The response set forth in Item 5(b) of the Schedule 13D is hereby amended and supplemented by the following information: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As a result of the transactions described above, BBVA may be deemed pursuant to Rule 13d-3 under the Exchange Act to have the power to vote or to direct the vote, or to dispose or direct the
disposition of, approximately 358,674,135 Shares. </FONT></P>
<B><I><FONT size=2 face="serif">Item 7. Material to be Filed as Exhibits.</FONT></I></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to Rule 13d-2(e), this Amendment contains a restatement of the text of the Schedule 13D and the first through seventh Amendments thereto, which are attached hereto as exhibits as
follows: </FONT></P>
<p><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 1. Schedule 13D, filed on October 17, 1996. </FONT><BR>
          <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 2. Amendment No. 1, filed on December 24, 1996. </FONT><BR>
          <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 3. Amendment No. 2, filed on February 5, 1997. </FONT><BR>
          <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 4. Amendment No. 3, filed on May 5, 1997. </FONT><BR>
          <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 5. Amendment No. 4, filed on November 21, 1997. </FONT><BR>
          <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 6. Amendment No. 5, filed on January 22, 1998. </FONT><BR>
          <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 7. Amendment No. 6, filed on February 24, 2000. </FONT><BR>
          <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 8. Amendment No. 7, filed on December 22, 2000.</FONT></p>
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          <B><FONT size=2 face="serif">SIGNATURE</FONT></B></div>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">After reasonable inquiry and to the best knowledge and belief of the undersigned, the undersigned certifies that the information set forth in this statement is true, complete and correct.
</FONT></P>
<FONT size=2 face="serif">Dated: July 17, 2006</FONT>
<div align=right>
<TABLE width="45%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
     <TD colspan="5" align=left><font size=2 face="serif">Banco Bilbao Vizcaya
               Argentaria, S.A.</font> </TD>
    </TR>
<TR valign="bottom">
     <TD width=5% align=left>&nbsp;</TD>
     <TD width=1%>&nbsp;</TD>
     <TD colspan=3 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
<FONT size=2 face="serif">By:</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD colspan=3 align=left>
 &nbsp;<FONT size=2 face="serif">/s/ Javier Malag&oacute;n Navas</FONT>
        </TD>
</TR>
<TR>
        <TD width="5%" align="left">
        </TD>
        <TD width="1%">
        </TD>
        <TD colspan=3>
<HR align="left" width="65%" size=1 noshade>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="serif">Name:</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=85% align=left>
<FONT size=2 face="serif">Javier Malag&oacute;n Navas</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="serif">Title:</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=85% align=left>
<FONT size=2 face="serif">Authorized Representative of Banco</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=85% align=left>
<FONT size=2 face="serif">Bilbao Vizcaya Argentaria, S.A.</FONT>
        </TD>
</TR>
</TABLE>
</div>
<div align="center"><BR>
          <FONT size=2 face="serif">5 of 7 Pages</FONT>

     <br>
     <br>
</div>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<div align="right"><br>
     <br>


          <B><FONT size=2 face="serif">Annex A</FONT></B></div>
<P align="center">
<B><FONT size=2 face="serif">DIRECTORS AND EXECUTIVE OFFICERS OF BBVA </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table
sets forth the name and present principal occupation or employment, and the
name, principal business and address of any corporation or other organization
in which such  occupation or employment is conducted of each director and executive
officer of BBVA. Unless otherwise indicated, the business address of each such
person is c/o Banco Bilbao Vizcaya Argentaria, S.A. at Plaza de San Nicol&aacute;s
4, 48005 Bilbao,  Spain, and all the directors and executive officers are
citizens of the Kingdom of Spain except for Richard C. Breeden who is a citizen
of the United States of America. </FONT></P>
<TABLE width="90%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=48% align=left valign="top">&nbsp;
</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">
<B><FONT size=2 face="serif">PRESENT PRINCIPAL</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top"><b><font size=2 face="serif">DIRECTORS OF BBVA</font></b>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">
<B><FONT size=2 face="serif">OCCUPATION</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="48%" align="left" valign="top">
<HR noshade size=1>     </TD>
        <TD width="4%">
        </TD>
        <TD width="48%" align="left" valign="top">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Francisco Gonz&aacute;lez Rodr&iacute;guez</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Chairman and Chief Executive Officer BBVA.</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Jos&eacute; Ignacio Goirigolzarri Tellaeche</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">President and Chief Operating Officer</FONT> <font size=2 face="serif">BBVA.</font>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Tom&aacute;s Alfaro Drake</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Director of Business Management and</FONT> <font size=2 face="serif">Administration
and Business Sciences</font> <font size=2 face="serif">programs at Universidad
Francisco de</font> <font size=2 face="serif">Vitoria.</font>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Juan Carlos &Aacute;lvarez Mezqu&iacute;riz</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Managing Director, Grupo Eulen; Director, Bodegas Vega
Sicilia, S.A.</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Richard C. Breeden</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Chairman, Richard C. Breeden &amp; Co.</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Ram&oacute;n Bustamante y de la Mora</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Director, Ctra. Inmo. Urba. Vasco-Aragonesa, S.A.</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Jos&eacute; Antonio Fern&aacute;ndez Rivero</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Director of BBVA.</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Ignacio Ferrero Jordi</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Chairman, Nutrexpa, S.A. Director La</FONT> <font size=2 face="serif">Piara
S.A.; Director Lladr&oacute; Comercial</font> <font size=2 face="serif">S.A.</font>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Rom&aacute;n Kn&ouml;rr Borr&aacute;s</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Chairman, Carb&oacute;nicas Alavesas, S.A.;</FONT> <font size=2 face="serif">Director,
Mediasal 2000, S.A. and</font> <font size=2 face="serif">President of the Alava
Chamber of</font> <font size=2 face="serif">Commerce.</font>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Ricardo Lacasa Su&aacute;rez</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Director of BBVA and Chairman of the</FONT> <font size=2 face="serif">Audit
and Compliance Committee.</font>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Carlos Loring Mart&iacute;nez de Irujo</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Director of BBVA.</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Jos&eacute; Maldonado Ramos</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Director and General Secretary BBVA.</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Enrique Medina Fern&aacute;ndez</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Director and Secretary, Sigma Enviro,</FONT> <font size=2 face="serif">S.A.</font>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Susana Rodr&iacute;guez Vidarte</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">
<FONT size=2 face="serif">Dean of Deusto &#147;La Comercial&#148;</FONT> <font size=2 face="serif">University
since 1996.</font>
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">6 of 7 Pages </FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
  <TABLE width="90%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=48% align=left valign="top"><font size=2 face="serif">Telef&oacute;nica,
                  S.A.</font>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top"><font size=2 face="serif">General Director
                  Telef&oacute;nica, S.A. </font>
</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left valign="top"><font size=2 face="serif">Represented
                  by Mr. Angel Vil&aacute; Boix </font>
</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=48% align=left valign="top">&nbsp;
</TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><b><font size=2 face="serif">EXECUTIVE OFFICERS
          OF BBVA</font></b></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><b><font size=2 face="serif">PRESENT EMPLOYMENT </font></b></TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><font size=2 face="serif">Jos&eacute; Mar&iacute;a
          Abril P&eacute;rez</font></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><font size=2 face="serif">Wholesale and Investment
          Banking. </font></TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><font size=2 face="serif">Eduardo Arbizu Lostao </font></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><font size=2 face="serif">Head of Legal Department. </font></TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><font size=2 face="serif">&Aacute;ngel Cano
          Fern&aacute;ndez</font></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><font size=2 face="serif">Human Resources and
          Services. </font></TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><font size=2 face="serif">Manuel Gonz&aacute;lez </font><font size=2 face="serif">Cid </font></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><font size=2 face="serif">Finance Division. </font></TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><font size=2 face="serif">Manuel M&eacute;ndez
          del R&iacute;o</font></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><font size=2 face="serif">Risks. </font></TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><font size=2 face="serif">Vitalino Nafr&iacute;a
          Aznar</font></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><font size=2 face="serif">Retail Banking Spain
          and Portugal. </font></TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><font size=2 face="serif">Ignacio S&aacute;nchez-Asia&iacute;n
          Sanz</font></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><font size=2 face="serif">South America. </font></TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><font size=2 face="serif">Jos&eacute; Sevilla &Aacute;lvarez</font></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><font size=2 face="serif">Head of the Office
          of the Chairman. </font></TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><font size=2 face="serif">Javier Ayuso Canals</font></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><font size=2 face="serif">Corporate Communications.</font></TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><font size=2 face="serif">Javier Bernal Dionis</font></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><font size=2 face="serif">Business Development
          and Innovation&#151;</font><font size=2 face="serif">Retail Banking Spain and Portugal.</font></TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><font size=2 face="serif">Jos&eacute; Mar&iacute;a
          Garc&iacute;a Meyer-Dohner </font></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><font size=2 face="serif">USA.</font></TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><font size=2 face="serif">Jaime Guardiola Romojaro </font></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><font size=2 face="serif">Mexico.</font></TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><font size=2 face="serif">Juan As&uacute;a Madariaga </font></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><font size=2 face="serif">Smes and Large Companies. </font></TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><font size=2 face="serif">Jose Barreiro Hern&aacute;ndez</font></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><font size=2 face="serif">Global Operations. </font></TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left valign="top"><font size=2 face="serif">Vicente Rodero Rodero </font></TD>
     <TD>&nbsp;</TD>
     <TD align=left valign="top"><font size=2 face="serif">Comercial Banking
          Spain. </font></TD>
</TR>
</TABLE>

          <p align="center"><FONT size=2 face="serif">7 of 7 Pages</FONT></p>
<p>&nbsp; </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dp03050_ex01.htm
<TEXT>
<HTML>
<HEAD>
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<BODY bgcolor="#ffffff">
<div align="center">
     <p align="right"><strong><font size="2" face="serif">Exhibit 1</font></strong></p>
     <p><FONT face="serif">UNITED STATES</FONT><BR>
          <FONT face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
          <FONT face="serif">Washington, D.C. 20549</FONT></p>
     <p><FONT face="serif">SCHEDULE 13D</FONT></p>
  <p><FONT face="serif">Under the Securities Exchange Act of 1934</FONT></p>
  <p>                                  <FONT face="serif">FRENCH BANK OF THE
      RIO DE LA PLATA <br>
    BANCO
                                  FRANC&Eacute;S DEL RIO DE LA PLATA, S.A.</FONT><BR>
                             <FONT face="serif">(Name of Issuer)</FONT></p>
  <p><FONT face="serif">ORDINARY SHARES</FONT><BR>
          <FONT face="serif">Ps.1 NOMINAL VALUE PER SHARE</FONT><BR>
          <FONT face="serif">(Title of Class of Securities)</FONT></p>
     <p><FONT face="serif">05959110</FONT><BR>
          <FONT face="serif">(CUSIP Number)</FONT></p>
     <p><FONT face="serif">BANCO BILBAO VIZCAYA, S.A.</FONT><BR>
          <FONT face="serif">Plaza de San Nicol&aacute;s 4</FONT><BR>
          <FONT face="serif">48005 Bilbao, Spain</FONT><BR>
          <FONT face="serif">Tel. No.: (011) 341-374-6223 </FONT><BR>
          <FONT face="serif">(Name, Address and Telephone Number of Persons Filing Statement)</FONT></p>
     <p><FONT face="serif">RAYMOND SURGUY</FONT><BR>
          <FONT face="serif">Authorized Representative of Banco Bilbao Vizcaya, S.A.</FONT><BR>
          <FONT face="serif">116 E. 55th Street</FONT><BR>
          <FONT face="serif">New York, New York 10022</FONT><BR>
          <FONT face="serif">(212) 826-1320</FONT><BR>
          <FONT face="serif">(Name, Address and Telephone Number of</FONT><BR>
          <FONT face="serif">Person Authorized to Receive Notices</FONT><BR>
          <FONT face="serif">and Communications)</FONT></p>
     <p><FONT face="serif">October 10, 1996</FONT><BR>
          <FONT face="serif">(Date of Event which Requires Filing of</FONT><BR>
  <FONT face="serif">this Statement)</FONT></p>
</div>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this statement because of Rule 13d-1(b)(3) or
(4), check the following: [ ].</FONT></P>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the following box if a fee is being paid with this statement: [x].</FONT></P>
<P align="center"><FONT size="2" face="serif">Page 1 of 7</FONT>

<br>
</P>

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        <div align=center>
             <table width="90%" border="0" cellspacing="0" cellpadding="10">
                  <tr>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="left" valign="middle"><font size="2" face="Times New Roman, Times, serif">CUSIP
                                      No. </font><FONT face="serif">05959110**</FONT></td>
                       <td width="34%" align="center" valign="middle"><font size="3" face="Times New Roman, Times, serif"><strong>SCHEDULE
                             13D</strong></font></td>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="center" valign="middle"> <font size="2" face="Times New Roman, Times, serif">Page
                                      2 of 7 Pages</font></td>
                  </tr>
             </table>
        </div>
        <br>
<div align=center>
             <table width="90%" border="1" cellpadding="5" cellspacing="0" bordercolor="#000000">
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">1</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">NAME
                                 OF REPORTING PERSONS<br>
                    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>
                    <br>
                       </font><font size="2"><FONT face="serif">BANCO BILBAO VIZCAYA, S.A.</FONT></font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">2</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 THE APPROPRIATE BOX IF A MEMBER OF A GROUP</font>
                                 <div align=right><font size="2" face="Times New Roman, Times, serif">(a)</font>&nbsp;<font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <font size="2" face="Times New Roman, Times, serif">(b)</font>&nbsp;<font size=2 face=wingdings>o</font>&nbsp;</div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">3</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SEC
                                 USE ONLY</font><br>
                                 <br>                    </td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">4</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SOURCE
                                 OF FUNDS<br>
                                      <br>
                       </font><font size=2 face="serif">PF</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">5</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                                 PURSUANT TO ITEM 2(d) or 2(e)</font>
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">6</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">CITIZENSHIP
                                 OR PLACE OF ORGANIZATION<br>
                                      <br>
                       </font><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingdom of Spain </font></td>
                  </tr>
                  <tr>
                       <td colspan="2" rowspan="4" align="center" valign="middle"><font size="2" face="Times New Roman, Times, serif">NUMBER
                                 OF SHARES<br>
                    BENEFICIALLY OWNED BY
                    EACH <br>
                    REPORTING PERSON
                    WITH </font></td>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">7</font></td>
                    <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 VOTING POWER<br>
<br>
                       </font><font size=2 face="serif">38,522,718</font><font size="2" face="Times New Roman, Times, serif">*</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">8</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 VOTING POWER<br>
                                      <br>
                       </font><font size=2 face="serif">0</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">9</font></td>
                    <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 DISPOSITIVE POWER<br>
<br>
                       </font><font size=2 face="serif">38,522,718</font><font size="2" face="Times New Roman, Times, serif">*</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">10</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 DISPOSITIVE POWER<br>
                                      <br>
                       </font><font size=2 face="serif">0</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">11</font></td>
                    <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">AGGREGATE
                                 AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
                                 PERSON<br>
<br>
                       </font><font size=2 face="serif">38,522,718</font><font size="2" face="Times New Roman, Times, serif">*</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">12</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                                 CERTAIN SHARES</font>
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">13</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">PERCENT
                                 OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>
                                      <br>
                       </font><font size=2 face="serif">30.04%*</font></td>
                  </tr>
             </table>
</div>
                         <br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>

<div align="center">
<table width="90%" border="1" cellpadding="5" cellspacing="0" bordercolor="#000000">
  <tr>
    <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">14</font></td>
    <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">TYPE
        OF REPORTING PERSON<br>
                                       <br>
    </font><font size="2" face="serif">CO</font></td>
  </tr>
</table>
</div>

<br>
                         <p align="center"><FONT size="2" face="serif">*SEE INSTRUCTIONS BEFORE FILLING OUT!</FONT></p>



<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top nowrap>
      <FONT size="2" face="serif">*</FONT></TD>
        <TD width="97%">
      <FONT size="2" face="serif">Upon consummation of the transactions contemplated
      by the Stock Sale Agreement dated as of October 10, 1996 among
      Luis Maria Otero Monsegur, Luis Roque Otero Monsegur, Florencia Otero Monsegur
      de Brea, Maria Antonia Otero Monsegur, Horacio Rafael Areco, Jorge Manuel
      Areco and Banco Bilbao Vizcaya, S.A. (&#147;BBV&#148;), BBV will indirectly
      purchase approximately 38,522,718</FONT><FONT size="2" face="serif"> shares
      of the Ordinary Shares, Ps. 1 nominal value per share, of Banco Franc&eacute;s
    del Rio de la Plata, S.A.</FONT>    </TD>
</TR>
<TR><TD width="3%" valign="top">&nbsp;</TD>
  <TD width="97%">&nbsp;</TD>
</TR>
<TR>
  <TD width="3%" valign="top"><FONT size="2" face="serif">**</FONT></TD>
  <TD width="97%"><FONT size="2" face="serif">Three ordinary shares are evidenced
      by one American Depository Share of Banco Franc&eacute;s del Rio de la
    Plata, S.A. The CUSIP number is for the American Depository Shares.</FONT></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<FONT size="2" face="serif">SEC 1746 (9-88)</FONT>
<P align="center">
  <FONT size="2" face="serif">Page 3 of 7</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
<br>
<br>


Item 1. <U>Security and Company</U>.</font>
<P align="left">
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The class of equity securities to which this statement relates is the Ordinary Shares, Ps. 1 nominal value per share (the &#147;Shares&#148;), of Banco Franc&eacute;s del Rio de la Plata S.A., an
Argentinean corporation (the &#147;Company&#148;). The principal executive offices
of the Company are located at Reconquista 199, 1003, Buenos Aires, Argentina.</font></P>
<FONT size="2" face="serif">Item 2. <U>Identity and Background</U>.</FONT>
<P align="left">
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the person filing this statement is Banco Bilbao Vizcaya, S.A., a Spanish corporation ("BBV").</font></P>
<P align="left">
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The address of the
  registered office of BBV is Plaza de San Nicol&aacute;s
  4, 48005 Bilbao, Spain. The principal executive offices of BBV are Paseo de
  la Castellana 81, Madrid, Spain and Gran Via 1, Bilbao, Spain. The name, business
  address, present principal occupation or employment, and citizenship of each
director and executive officer of BBV is set forth on Schedule A.</font></P>
<P align="left">
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBV is a leading financial institution in Spain which provides a wide range of banking, financial and related services in Spain as well as the twenty-six other countries in which it has offices or
subsidiaries. BBV&#146;s primary businesses are retail banking, wholesale banking, private banking, markets activities and diversification activities. The domestic retail banking business, which accounted for approximately 48% of BBV&#146;s
total assets in 1995, is conducted through BBV and its 10 domestic subsidiary
banks which provide a full range of banking and related financial services to
individuals and small-and medium-sized businesses in Spain. Other banking functions
include lease and specialized financing, factoring, securities trading, securities
brokerage, mortgage and consumer financing, venture capital and real estate development
and management.</font></P>
<P align="left">
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the last five
  years, neither BBV, nor any other person controlling BBV nor, to the best of
  its knowledge, any of the persons listed on Schedule A attached hereto, has
  been convicted in a criminal proceeding (excluding traffic violations or similar
  misdemeanors) or has been a party to a civil proceeding of a judicial or administrative
  body of competent jurisdiction and as a result of such proceeding was or is
  subject to a judgment, decree or final order enjoining future violations of,
  or prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.</font></P>
<P align="left">
  <FONT size="2" face="serif">Item 3. <U>Source and Amount of Funds or Other Consideration</U>.</FONT></P>
<P align="left">
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Stock
  Sale Agreement dated as of October 10, 1996 (the &#147;Agreement&#148;)
  between Luis Maria Otero Monsegur, Luis Roque Otero Monsegur, Florencia Otero
  Monsegur de Brea, Maria Antonia Otero Monsegur, Horacio Rafael Areco, Jorge
  Manuel Areco and BBV, BBV has in principal agreed to indirectly purchase 30.04%
  of the equity of the Company. It is currently anticipated that the amount of
  funds required by BBV to consummate the proposed acquisition of 30.04% of the
  equity of the Company is approximately US$375 million. BBV anticipates that
such purchase will be funded with internally generated funds.</font></P>
<P align="center">
  <FONT size="2" face="serif">Page 4 of 7</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
<br>
<br>


Item 4. <U>Purpose of Transaction</U>.</font>
<P align="left">
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBV&#146;s proposed acquisition of an interest in the Company helps to support its overall international growth strategy and to increase its presence in Latin America. Upon consummation of the
purchase of the Shares, BBV will review the Company&#146;s business affairs and
financial position. Based on such evaluation and review, BBV will consider various
alternative courses of action.</font></P>
<P align="left">
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Agreement,
  BBV has the right to appoint members to the board of directors. Upon consummation
of the transactions contemplated by the Agreement, such directors will be identified.</font></P>
<P align="left">
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth
  above, none of BBV, any person controlling BBV, or to the best its knowledge,
  any of the persons named in Schedule A has any plan or proposals which relate
  to or would result in any of the transactions described in subparagraphs (a)
through (j) of Item 4 of Schedule 13D.</font></P>
<FONT size="2" face="serif">Item 5. <U>Interest in Securities of the Issuer</U>.</FONT>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon consummation
  of the transactions contemplated by the Agreement, BBV will purchase and, for
  the purpose of Rule 13d-3 promulgated under the Securities Exchange Act of
  1934, as amended, will beneficially own approximately 38,522,718</font><font size="2" face="Times New Roman, Times, serif"> </font><font size="2" face="serif">Shares,
representing approximately 30.04% of the outstanding equity of the Company.</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth
  in this Item 5(a), neither BBV, nor any other person controlling BBV, nor,
  to the best of its knowledge, any persons named in Schedule A hereto owns beneficially
any Shares.</font></P>
<P>
  &nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2" face="serif">(b) BBV will have the power
  to vote and to dispose of approximately 38,522,718</FONT><FONT size="2" face="serif"> Shares.</FONT></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither BBV,
  nor any person controlling BBV, nor to the best of its knowledge, any persons
named in Schedule A hereto has acquired any Shares since August 10, 1996.</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Inapplicable.</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Inapplicable.</font></P>
<P align="center">
  <FONT size="2" face="serif">Page 5 of 7</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
<br>
Item 6.</font> <font size="2" face="serif"><U>Contracts, Arrangements, Understandings
or Relationships with Respect to Securities of the</U> <U>Company</U>.</font> <font size="2" face="serif"><br>


</font>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon consummation
  of the transaction contemplated by the Agreement, BBV will appoint members
  to the board of directors of the Company. Pursuant to the Agreement, the following
  decisions and transaction currently require the prior consent of BBV: (i) any
  decision which might affect in a significant manner the capital structure or
  legal configuration of the Company and/or its affiliates and subsidiaries,
  or the networks of same; (ii) transactions involving investment in or divestiture
  of financial holdings and fixed assets in an amount greater than US$2 million;
  (iii) loan transactions or restructurings of loans in an amount greater than
  US$5 million; (iv) new loan transactions or restructurings of loans made to
  directors and/or persons or entities related to parties who are signatories
  to the Agreement; (v) loan transactions to political parties, trade unions
  or media/communication companies, (vi) modifications to the compensation or
  incentive system for executive personnel; (vii) any waiver or transfer of rights
  with economic value; (viii) the declaration or distribution of profits or issuance
  of shares except for distribution of dividends corresponding to the 1995-1996
  fiscal year, as more fully described in the Agreement; (ix) the establishment
  of any compensation plan for members of the board of directors of the Company;
  and (x) transactions pursuant to which the Company and/or its affiliates and
  subsidiaries become indebted for a term greater than one year and in an amount
greater than US$10 million.</font></P>
<FONT size="2" face="serif">Item 7. <U>Material to be Filed as Exhibits</U>.</FONT>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
       <td>&nbsp;</td>
       <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="8%"><font size="2" face="serif">Exhibit 1:</font></td>
    <td width="98%"><FONT size="2" face="serif">Stock Purchase Agreement dated
        as of October 10, 1996 among Luis Maria Otero Monsegur, Luis Roque Otero
        Monsegur, Jorge Manuel Areco, Florencia Otero Monsegur de Brea, Maria
        Antonia Otero Monsegur, Horacio Rafael Areco, Horacio Luis Areco and
        BBV. </FONT></td>
  </tr>
</table>
<P>&nbsp;</P>
<P align="center">
  <FONT size="2" face="serif">Page 6 of 7</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
</font>
<div align="center"><font size="2" face="serif"><br>
  <br>
  SIGNATURE</font>
</div>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After reasonable
  inquiry and to the best knowledge and belief of the undersigned, the undersigned
  certifies that the information set forth in this statement is true, complete
and correct.</font></P>
<p><FONT size="2" face="serif">Date: October 17, 1996</FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=45% align=right>&nbsp;</TD>
  <TD colspan="3" align=left>
    <FONT size="2" face="serif">BANCO BILBAO VIZCAYA, S.A.</FONT>       </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
  <TD width=3% align=left><font size="2" face="serif">By:</font></TD>
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=47% align=left><FONT size="2" face="serif">/s/ Raymond Surguy</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2" align=left><hr align=left width=75% size=1 noshade>    </TD>
  </TR>
<TR valign="bottom">
  <TD width=45% align=right>&nbsp;</TD>
  <TD width=3% align=right>&nbsp;</TD>
  <TD width=5% align=left><font size="2" face="serif">Name:</font></TD>
        <TD width=47% align=left>
      <FONT size="2" face="serif"> Raymond Surguy</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=45% align=right>&nbsp;</TD>
  <TD width=3% align=right>&nbsp;</TD>
  <TD width=5% align=left><font size="2" face="serif">Title:</font></TD>
        <TD width=47% align=left>
      <FONT size="2" face="serif"> Authorized Representative</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=45% align=right>&nbsp;</TD>
  <TD width=3% align=right>&nbsp;</TD>
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=47% align=left>
      <FONT size="2" face="serif">Banco Bilbao Vizcaya, S.A.</FONT>
        </TD>
</TR>
</TABLE>
<font size="2" face="serif"><BR>
</font>
<P align="center">
  <FONT size="2" face="serif">Page 7 of 7</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
</font>
<div align="right"><font size="2" face="serif"><br>
  <br>


  <U>Schedule A</U>
</font></div>
<P align="center">
  <FONT size="2" face="serif">DIRECTORS AND EXECUTIVE OFFICERS OF<br>
BANCO BILBAO VIZCAYA, S.A.</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><hr align="center" width="35%" size="1" noshade></td>
  </tr>
</table>
<P align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    name and present principal occupation or employment of each of the directors
    and executive officers of Banco Bilbao Vizcaya, S.A. are set forth below.
    All of the Directors and Executive Officers are citizens of Spain. The registered
    business address of each of the persons listed below is Plaza de San Nicolas
4, 48005 Bilbao, Spain.</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=49% align=left>
      <font size="2" face="serif"><U>Directors</U>
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <font size="2" face="serif"><U>Name</U></font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <font size="2" face="serif"><U>Principal Occupation</U>
    </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Emilio de Ybarra y Churruca</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Executive Chairman (1990);</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Vice Chairman (1986);</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Chief Executive (1976);</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1971)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Javier G&uacute;rpide Huarte</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Vice Chairman (1994)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Second Vice Chairman (1990)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Gervasio Collar Zabaleta</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Vice Chairman (1995)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1976)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Domingo Ampuero Osma</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Vice Chairman (1995)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1985)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Pedro Luis Uriarte Santamarina</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Chief Executive (1994)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1990)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Angel S&aacute;nchez Asia&iacute;n</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1970)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Federico Lipperheide Wicke</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1973)</FONT>
        </TD>
</TR>
</TABLE>
<font size="2" face="serif"><BR>
</font>
<P align="center">
  <FONT size="2" face="serif">A-1</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
<br>
<br>


</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Eduardo Aguirre Alonso-Allende</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1981)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Juan Manuel de Zubir&iacute;a y Uhag&oacute;n</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1949)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Ram&oacute;n de Icaza y Zab&aacute;lburu</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1963)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Ignacio Zubir&iacute;a Mac-Mah&oacute;n</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1973)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Vicente Eulate Mac-Mah&oacute;n</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1975)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Fernando de Ybarra y L&oacute;pez-D&oacute;riga</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1975)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Francisco Javier Aresti Victoria de Lecea</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1983)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Luis Lezama-Leguizam&oacute;n Dolagaray</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1986)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Andr&eacute;s Vilarino Maura</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1987)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Antonio S&aacute;enz-Azc&uacute;naga
      Usandizaga</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1988)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Luis Maria de Ybarra y Zubir&iacute;a</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1988)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Ricardo Muguruza Garteizgogeascoa</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1988)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Aureliano Recio Arias</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1988)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Pl&aacute;cido Arango Arias</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1990)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Manuel Francisco Clavero Ar&eacute;valo</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1990)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Juan Entrecanales de Azc&aacute;rate</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1990)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Llad&oacute; Fernandez-Urrutia</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1990)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Juan Urrutia Elejalde</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1990)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Alfonso Cortina Alcocer</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1995)</FONT></TD>
</TR>
</TABLE>
<font size="2" face="serif"><BR>
</font>
<P align="center">
  <FONT size="2" face="serif">A-2</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
<br>
<br>


</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=49% align=left>
      <font size="2" face="serif"><U>Executive Officers (who are not directors)</U>
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <font size="2" face="serif"><U>Name</U></font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <font size="2" face="serif"><U>Principal Occupation</U>
    </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Luis Marcaida Onaindia</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Luis Javier Bastida Ibarg&uuml;en</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Ramon Guerediaga Mendiola</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Juan Palacios Raufast</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Gonzalo Terreros Ceballos</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Javier Echenique Landir&iacute;bar</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Ignacio Goirigolzarri Tellaeche</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Luis Carranza Ortiz</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Fonollosa Garc&iacute;a</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jose Perez Fernandez</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jose Maria Concejo Alvarez</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Secretary</FONT></TD>
</TR>
</TABLE>
<font size="2" face="serif"><BR>
</font>
<P align="center">
  <FONT size="2" face="serif">A-3</FONT></P>

<font size="2" face="serif"><br>
<br>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>dp03050_ex02.htm
<TEXT>



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<P align="right"><strong><font size="2" face="serif">Exhibit 2 </font></strong></P>
<P align="center"><FONT face="serif">UNITED STATES<br>
  </FONT><FONT face="serif">SECURITIES AND EXCHANGE COMMISSION <br>
  Washington, D.C. 20549</FONT></P>
<P align="center"><FONT face="serif">SCHEDULE 13D</FONT></P>
<P align="center">
<FONT face="serif">Under the Securities Exchange Act of 1934 <br>
(Amendment No. 1)</FONT></P>
<P align="center">
<FONT face="serif">FRENCH BANK OF THE RIO DE LA PLATA <br>
BANCO FRANC&Eacute;S DEL RIO DE LA PLATA, S.A.<br>
(Name of Issuer)</FONT></P>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">ORDINARY SHARES <br>
Ps.1 NOMINAL VALUE PER SHARE<br>
</FONT><FONT face="serif">(Title of Class of Securities)</FONT></P>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">05959110 <br>
(CUSIP Number)</FONT></P>
<P align="center">
<FONT face="serif">BANCO BILBAO VIZCAYA, S.A. <br>
Plaza de San Nicol&aacute;s 4 <br>
48005 Bilbao, Spain <br>
Tel. No.: (011) 341-374-6223 <br>
</FONT><FONT face="serif">(Name, Address and Telephone Number of Persons Filing Statement)</FONT></P>
<P align="center">
<FONT face="serif">RAYMOND SURGUY<br>
</FONT><FONT face="serif">Authorized Representative of Banco Bilbao Vizcaya, S.A. <br>
116 E. 55th Street <br>
New York, New York 10022<br>
(212) 826-1320 <br>
(Name, Address and Telephone Number of <br>
Person Authorized to Receive Notices<br>
and Communications)</FONT></P>
<P align="center">
<FONT face="serif">December 16, 1996<br>
</FONT><FONT face="serif">(Date of Event which Requires Filing of this Statement)</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this statement because of Rule 13d-1(b)(3) or
(4), check the following: [ ].</FONT></P>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the following box if a fee is being paid with this statement: [ ].</FONT></P>
<P align="center">
<FONT face="serif">Page 1 of 5</FONT></P>

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        <div align=center>
             <table width="90%" border="0" cellspacing="0" cellpadding="10">
                  <tr>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="left" valign="middle"><font size="2" face="Times New Roman, Times, serif">CUSIP
                                      No. </font><FONT face="serif">05959110*</FONT></td>
                       <td width="34%" align="center" valign="middle"><font size="3" face="Times New Roman, Times, serif"><strong>SCHEDULE
                             13D</strong></font></td>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="center" valign="middle"> <font size="2" face="Times New Roman, Times, serif">Page
                                      2 of 5 Pages</font></td>
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             <table width="90%" border="1" cellpadding="5" cellspacing="0" bordercolor="#000000">
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">1</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">NAME
                                 OF REPORTING PERSONS<br>
                    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>
                    <br>
                       </font><font size="2"><FONT face="serif">BANCO BILBAO VIZCAYA, S.A.</FONT></font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">2</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 THE APPROPRIATE BOX IF A MEMBER OF A GROUP</font>
                                 <div align=right><font size="2" face="Times New Roman, Times, serif">(a)</font>&nbsp;<font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <font size="2" face="Times New Roman, Times, serif">(b)</font>&nbsp;<font size=2 face=wingdings>x</font>&nbsp;</div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">3</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SEC
                                 USE ONLY</font><br>
                                 <br>                    </td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">4</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SOURCE
                                 OF FUNDS<br>
                                      <br>
                       </font><font size=2 face="serif">PF</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">5</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                                 PURSUANT TO ITEM 2(d) or 2(e)</font>
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">6</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">CITIZENSHIP
                                 OR PLACE OF ORGANIZATION<br>
                                      <br>
                       </font><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingdom of Spain </font></td>
                  </tr>
                  <tr>
                       <td colspan="2" rowspan="4" align="center" valign="middle"><font size="2" face="Times New Roman, Times, serif">NUMBER
                                 OF SHARES<br>
                    BENEFICIALLY OWNED BY
                    EACH <br>
                    REPORTING PERSON
                    WITH </font></td>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">7</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 VOTING POWER<br>
                                      <br>
                       </font><font size=2 face="serif">44,301,125</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">8</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 VOTING POWER<br>
                                      <br>
                       </font><font size=2 face="serif">0</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">9</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 DISPOSITIVE POWER<br>
                                      <br>
                       </font><font size=2 face="serif">44,301,125</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">10</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 DISPOSITIVE POWER<br>
                                      <br>
                       </font><font size=2 face="serif">0</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">11</font></td>
                       <td colspan="3" align="left" valign="top"><p><font size="2" face="Times New Roman, Times, serif">AGGREGATE
                                   AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
                                   PERSON</font></p>
                         <p align="right"><font size=2 face=wingdings>o</font></p>
                         <p align="left"><font size="2" face="Times New Roman, Times, serif">                             </font><font size=2 face="serif">44,301,125</font></p></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">12</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                                 CERTAIN SHARES</font>
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">13</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">PERCENT
                                 OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>
                                      <br>
                       </font><font size=2 face="serif">30.04%</font></td>
                  </tr>
             </table>
             <br>
             <FONT size="2" face="serif">Page 2 of 5</FONT><br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
             <table width="90%" border="1" cellpadding="5" cellspacing="0" bordercolor="#000000">
               <tr>
                 <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">14</font></td>
                 <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">TYPE
                     OF REPORTING PERSON<br>
                                       <br>
                 </font><font size="2" face="serif">CO</font></td>
               </tr>
             </table>
             <p><font size=2 face="serif">*SEE INSTRUCTIONS BEFORE FILLING OUT!</font> </p>
             <TABLE width="90%" border=0 cellpadding=0 cellspacing=0>
                  <TR>
                       <TD width="5%" valign=top nowrap> <FONT size="2" face="serif">*</FONT><font size="2">&nbsp; &nbsp; &nbsp; </font></TD>
                       <TD width="95%"> <FONT size="2" face="serif">Three ordinary shares are evidenced
                                 by one American Depository Share of Banco Franc&eacute;s
                                 del Rio de la Plata, S.A. The CUSIP number is
                                 for the American Depository Shares.</FONT> </TD>
                  </TR>
                  <TR>
                       <TD colspan=2>&nbsp;</TD>
                  </TR>
                  <TR>
                       <TD colspan=2><font size="2">SEC 1746 (9-88) </font></TD>
                  </TR>
     </TABLE>
</div>

<P align="center">
<FONT size="2" face="serif">Page 3 of 5</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<font size="2"><br>

</font>
<P>
     <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Banco Bilbao
     Vizcaya, S.A., a Spanish corporation (&#147;BBV&#148;) hereby amends its Report on Schedule 13D, originally filed on October 17, 1996 (the &#147;Schedule 13D&#148;), with respect to the purchase of
Ordinary Shares, Ps. 1 nominal value per share (the &#147;Ordinary Shares&#148;) of Banco Franc&eacute;s del Rio de la Plata S.A., an Argentinean corporation (the &#147;Company&#148;).
Terms not otherwise defined herein have the meanings assigned to them in Schedule
13D.</FONT></font></P>
<P>
     <FONT size="2" face="serif">Item 3. </FONT><font size="2"><U><FONT face="serif">Source and Amount of Funds or Other Consideration</FONT></U><FONT face="serif">.</FONT></font></P>
<blockquote>
     <p>
          <FONT size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 3 is hereby amended by adding the following after the first paragraph thereof:</FONT></p>
     <p>
          <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;On
               December 16, 1996, BBV acquired 44,301,125 Ordinary Shares of the Company.
          The total consideration paid for such Ordinary Shares was U.S.$374,630,250.&#148;</FONT></font></p>
</blockquote>
<P>
     <FONT size="2" face="serif">Item 4. </FONT><font size="2"><U><FONT face="serif">Purpose of Transaction</FONT></U><FONT face="serif">.</FONT></font></P>
<blockquote>
     <p>
          <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Item 4 is hereby amended by deleting the second paragraph in its entirety and in lieu thereof replacing it with the following:</FONT></font></p>
     <p>
          <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;Pursuant to the Agreement, BBV has appointed Dr. Gervasio Collar Zabaleta, Dr. Jos&eacute; Ignacio Goirigolzarri and Dr. Juan Ignacio Gim&eacute;nez Echeverr&iacute;a
          to the board of directors of the Company.&#148;</FONT></font></p>
</blockquote>
<P>
     <FONT size="2" face="serif">Item 5. </FONT><font size="2"><U><FONT face="serif">Interest in Securities of the Issuer</FONT></U><FONT face="serif">.</FONT></font></P>
<blockquote>
     <p>
          <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Items 5(a) and 5(b) are hereby deleted in their entirety and in lieu thereof shall be replaced by the following:</FONT></font></p>
     <p>
          <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#147;(a)&nbsp;          BBV has purchased and, for the purpose of Rule 13d-3 promulgated under the
          Exchange Act, beneficially owns approximately 44.3 million Ordinary Shares,
     representing approximately 30% of the outstanding equity of the Company.</FONT></font></p>
     <p>
          <FONT size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp; BBV
          has the power to vote and to dispose of 44,301,125 Ordinary Shares.&#148;</FONT></p>
</blockquote>
<P align="center">
     <FONT size="2" face="serif">Page 4 of 5</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2"><PAGE>
<br>
<br>

</font>
<P>
     <FONT size="2" face="serif">Item 6.&nbsp; </FONT><font size="2"><U><FONT face="serif">Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Company</FONT></U><FONT face="serif">.</FONT></font></P>
<blockquote>
     <p><FONT size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 6 is hereby amended by deleting the first sentence in its entirety.</FONT>
     </p>
</blockquote>
<P align="center">
     <FONT size="2" face="serif">Page 5 of 5</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="center"><FONT size="2" face="serif">SIGNATURE</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">After reasonable
      inquiry and to the best knowledge and belief of the undersigned, the undersigned
      certifies that the information set forth in this statement is true, complete
      and correct.</FONT></font></P>
<P><FONT size="2" face="serif">Date: December 20, 1996</FONT></P>
<P><FONT size="2" face="serif"></FONT></P>
<div align=right>
  <TABLE width="45%" border=0 cellpadding=0 cellspacing=0>
    <TR align="left" valign="bottom">
      <TD colspan="3"> <FONT size="2" face="serif">BANCO BILBAO VIZCAYA, S.A.</FONT> </TD>
    </TR>
    <TR align="left" valign="bottom">
      <TD>&nbsp;</TD>
      <TD colspan="2">&nbsp;</TD>
    </TR>
    <TR align="left" valign="bottom">
      <TD>&nbsp;</TD>
      <TD colspan="2">&nbsp;</TD>
    </TR>
    <TR align="left" valign="bottom">
      <TD width=5%><font size="2" face="serif">By:</font></TD>
      <TD colspan="2"><font size="2"><FONT face="serif">/s/ Raymond Surguy</FONT></font></TD>
    </TR>
    <TR align="left" valign="bottom">
      <TD>&nbsp;</TD>
      <TD colspan="2"><HR noshade align="left" width="65%" size=1></TD>
    </TR>
    <TR align="left" valign="bottom">
      <TD width=5%>&nbsp;</TD>
      <TD width=9% valign="top"> <FONT size="2" face="serif">Name: </FONT><font size="2">&nbsp;</font></TD>
      <TD width=85% valign="top"><font size="2"><font face="serif">Raymond Surguy</font></font></TD>
    </TR>
    <TR align="left" valign="bottom">
      <TD width=5%>&nbsp;</TD>
      <TD valign="top"> <FONT size="2" face="serif">Title: </FONT></TD>
      <TD width=85% valign="top"><font size="2" face="serif">Authorized Representative</font></TD>
    </TR>
    <TR align="left" valign="bottom">
      <TD width=5%>&nbsp;</TD>
      <TD>&nbsp;  </TD>
      <TD width=85% valign="top"><font size="2" face="serif">Banco Bilbao Vizcaya, S.A.</font></TD>
    </TR>
  </TABLE>
</div>
<div align=center><font size="2">A-1</font></div>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>dp03050_ex03.htm
<TEXT>



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<div align="center">
     <p align="right"><strong><font size="2" face="serif">Exhibit 3 </font></strong></p>
     <p><FONT face="serif">UNITED STATES</FONT><BR>
          <FONT face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
          <FONT face="serif">Washington, D.C. 20549</FONT></p>
     <p><FONT face="serif">SCHEDULE 13D</FONT></p>
     <p><FONT face="serif">Under the Securities Exchange Act of 1934</FONT><BR>
          <FONT face="serif">(Amendment No. 2)</FONT></p>
     <p><FONT face="serif">FRENCH BANK OF THE RIO DE LA PLATA <br>
     BANCO
                            FRANC&Eacute;S DEL RIO DE LA PLATA, S.A.</FONT><BR>
          <FONT face="serif">(Name of Issuer)</FONT></p>
     <p><FONT face="serif">ORDINARY SHARES</FONT><BR>
          <FONT face="serif">Ps.1 NOMINAL VALUE PER SHARE</FONT><BR>
          <FONT face="serif">(Title of Class of Securities)</FONT></p>
     <p><FONT face="serif">05959110</FONT><BR>
          <FONT face="serif">(CUSIP Number)</FONT></p>
     <p><FONT face="serif">BANCO BILBAO VIZCAYA, S.A.</FONT><BR>
          <FONT face="serif">Plaza de San Nicol&aacute;s 4</FONT><BR>
          <FONT face="serif">48005 Bilbao, Spain</FONT><BR>
          <FONT face="serif">Tel. No.: (011) 341-374-6223 </FONT><BR>
          <FONT face="serif">(Name, Address and Telephone Number of Persons Filing Statement)</FONT></p>
     <p><FONT face="serif">RAYMOND SURGUY</FONT><BR>
          <FONT face="serif">Authorized Representative of Banco Bilbao Vizcaya, S.A.</FONT><BR>
          <FONT face="serif">116 E. 55th Street</FONT><BR>
          <FONT face="serif">New York, New York 10022</FONT><BR>
          <FONT face="serif">(212) 826-1320</FONT><BR>
          <FONT face="serif">(Name, Address and Telephone Number of</FONT><BR>
          <FONT face="serif">Person Authorized to Receive Notices</FONT><BR>
          <FONT face="serif">and Communications)</FONT></p>
     <p><FONT face="serif">January 24, 1997</FONT><BR>
          <FONT face="serif">(Date of Event which Requires Filing of</FONT><BR>
          <FONT face="serif">this Statement)</FONT></p>
</div>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this statement because of Rule 13d-1(b)(3) or
(4), check the following: [ ].</FONT></P>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the following box if a fee is being paid with this statement: [ ].</FONT></P>
<P align="center">
<FONT size="2" face="serif">Page 1 of 4</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

        <div align=center>
             <table width="90%" border="0" cellspacing="0" cellpadding="10">
                  <tr>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="left" valign="middle"><font size="2" face="Times New Roman, Times, serif">CUSIP
                                      No. </font><FONT face="serif">05959110*</FONT></td>
                       <td width="34%" align="center" valign="middle"><font size="3" face="Times New Roman, Times, serif"><strong>SCHEDULE
                             13D</strong></font></td>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="center" valign="middle"> <font size="2" face="Times New Roman, Times, serif">Page
                                      2 of 4 Pages</font></td>
                  </tr>
             </table>
        </div>
        <br>
<div align=center>
             <table width="90%" border="1" cellpadding="5" cellspacing="0" bordercolor="#000000">
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">1</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">NAME
                                 OF REPORTING PERSONS<br>
                    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>
                    <br>
                       </font><font size="2"><FONT face="serif">BANCO BILBAO VIZCAYA, S.A.</FONT></font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">2</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 THE APPROPRIATE BOX IF A MEMBER OF A GROUP</font>
                                 <div align=right><font size="2" face="Times New Roman, Times, serif">(a)</font>&nbsp;<font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <font size="2" face="Times New Roman, Times, serif">(b)</font>&nbsp;<font size=2 face=wingdings>x</font>&nbsp;</div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">3</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SEC
                                 USE ONLY</font><br>
                                 <br>                    </td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">4</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SOURCE
                                 OF FUNDS<br>
                                      <br>
                       </font><font size=2 face="serif">PF</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">5</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                                 PURSUANT TO ITEMS 2(d) or 2(e)</font>
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">6</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">CITIZENSHIP
                                 OR PLACE OF ORGANIZATION<br>
                                      <br>
                       </font><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingdom of Spain </font></td>
                  </tr>
                  <tr>
                       <td colspan="2" rowspan="4" align="center" valign="middle"><font size="2" face="Times New Roman, Times, serif">NUMBER
                                 OF SHARES<br>
                    BENEFICIALLY OWNED BY
                    EACH <br>
                    REPORTING PERSON
                    WITH </font></td>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">7</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 VOTING POWER<br>
                                      <br>
                       </font><font size=2 face="serif">46,117,432</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">8</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 VOTING POWER<br>
                                      <br>
                       </font><font size=2 face="serif">0</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">9</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 DISPOSITIVE POWER<br>
                                      <br>
                       </font><font size=2 face="serif">46,117,432</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">10</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 DISPOSITIVE POWER<br>
                                      <br>
                       </font><font size=2 face="serif">0</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">11</font></td>
                       <td colspan="3" align="left" valign="top"><p><font size="2" face="Times New Roman, Times, serif">AGGREGATE
                                   AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
                                   PERSON</font></p>
                         <p align="right"><font size="2" face="Times New Roman, Times, serif">                         </font><font size=2 face=wingdings>o</font><font size="2" face="Times New Roman, Times, serif">                                      </font></p>
                         <p><font size="2" face="Times New Roman, Times, serif">                         </font><font size=2 face="serif">46,117,432</font></p></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">12</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                                 CERTAIN SHARES</font>
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">13</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">PERCENT
                                 OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>
                                      <br>
                       </font><font size=2 face="serif">31.27%</font></td>
                  </tr>
             </table>
             <p><br>
               <br>
  </p>
             <hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<table width="90%" border="1" cellpadding="5" cellspacing="0" bordercolor="#000000">
  <tr>
    <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">14</font></td>
    <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">TYPE
        OF REPORTING PERSON<br>
                                       <br>
    </font><font size="2" face="serif">CO</font></td>
  </tr>
</table>
             <p>
                 <font size=2 face="serif">*SEE INSTRUCTIONS BEFORE FILLING OUT!</font></p>
</div>
             <div align="center">
               <TABLE width="90%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT face="serif">*</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="95%">
<FONT size="2" face="serif">Three ordinary shares are evidenced by one American Depository Share of Banco Franc&eacute;s del Rio de la Plata, S.A. The CUSIP number is for the American Depository Shares.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
</div>

<FONT face="serif">SEC 1746 (9-88)</FONT>
<P align="center">
<FONT size="2" face="serif">Page 3 of 4</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
&nbsp;<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Banco Bilbao
Vizcaya, S.A., a Spanish corporation ("BBV") hereby amends its Report on Schedule 13D, originally filed on October 17, 1996 (the &#147;Schedule 13D&#148;), and amended by Amendment No. 1
on December 23, 1996, with respect to the purchase of Ordinary Shares, Ps. 1 nominal value per share (the &#147;Ordinary Shares&#148;) of Banco Franc&eacute;s del Rio de la Plata S.A., an Argentinean corporation (the &#147;Company&#148;).
Terms not otherwise defined herein have the meanings assigned to them in Schedule
13D.</FONT></font></P>
<P>
     <FONT size="2" face="serif">Item 5. </FONT><font size="2"><U><FONT face="serif">Interest in Securities of the Issuer</FONT></U><FONT face="serif">.</FONT></font></P>
<p> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The response set forth in Item 5(a) of the Schedule 13D is hereby amended and supplemented by adding the following information at the end thereto:</FONT></font></p>
<p> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">BBV has acquired and, for the purpose of Rule 13d-3 promulgated under the Exchange Act, will beneficially own approximately 1,816,307 Ordinary Shares, which, when added to the 44,301,125 Ordinary
               Shares already owned beneficially by BBV is 46,117,432 representing approximately 31.27% of the outstanding equity of the Company.</FONT></font></p>
<p> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The response set forth in Item 5(b) of the Schedule 13D is hereby amended and supplemented by adding the following information at the end thereto:</FONT></font></p>
<p> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Upon the acquisition of the 1,816,307 Ordinary Shares, BBV may be deemed pursuant to Rule 13d-3 to have the power to vote or to direct the vote, or to dispose or direct the disposition of 46,117,432
               Ordinary Shares.</FONT></font></p>
<P align="center">
<FONT face="serif">Page 4 of 4</FONT></P>

<br>
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<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="center">
<FONT size="2" face="serif">SIGNATURE</FONT></P>
<P>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">After reasonable inquiry and to the best knowledge and belief of the undersigned, the undersigned certifies that the information set forth in this statement is true, complete and correct.</FONT></font></P>
<P>
<FONT size="2" face="serif">Date: January 29, 1997</FONT></P>
<div align=right>
<TABLE width="45%" border=0 cellpadding=0 cellspacing=0>
<TR align="left" valign="bottom">
     <TD colspan="2">
          <FONT size="2" face="serif">BANCO BILBAO VIZCAYA, S.A.</FONT> </TD>
    </TR>
<TR align="left" valign="bottom">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
</TR>
<TR align="left" valign="bottom">
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
</TR>
<TR align="left" valign="bottom">
     <TD width=6%><font size="2" face="serif">By:</font></TD>
        <TD width=94%><font size="2"><FONT face="serif">/s/ Raymond Surguy</FONT></font></TD>
</TR>
<TR align="left" valign="bottom">
     <TD>&nbsp;</TD>
     <TD><HR noshade align="left" width="65%" size=1></TD>
</TR>
<TR align="left" valign="bottom">
     <TD width=6%>&nbsp;</TD>
        <TD width=94%>
<FONT size="2" face="serif">Name: Raymond Surguy</FONT>
        </TD>
</TR>
<TR align="left" valign="bottom">
     <TD width=6%>&nbsp;</TD>
        <TD width=94%>
<FONT size="2" face="serif">Title: &nbsp;&nbsp;&nbsp;Authorized Representative</FONT>
        </TD>
</TR>
<TR align="left" valign="bottom">
     <TD width=6%>&nbsp;</TD>
        <TD width=94%>
<FONT size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya, S.A.</FONT>
        </TD>
</TR>
</TABLE>
</div>
<font size="2"><BR>
</font><P align="center">
<FONT size="2" face="monospace">A-1</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>dp03050_ex04.htm
<TEXT>



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<div align="center">


<P align="right"><strong><font size="2" face="serif">Exhibit 4 </font></strong></P>
<P align="center"><FONT face="serif">SECURITIES AND EXCHANGE COMMISSION <br>
  Washington, D.C. 20549</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td><hr align="center" width="15%" size=1 noshade color=GRAY></td>
     </tr>
</table>
<P align="center"><FONT face="serif">SCHEDULE 13D <br>
     (Rule 13d-101) </FONT></P>
<P align="center">
<FONT face="serif">UNDER THE SECURITIES EXCHANGE ACT OF 1934 <br>
(Amendment No. 3)</FONT></P>
<P align="center">
<FONT face="serif">BANCO FRANC&Eacute;S DEL RIO DE LA PLATA, S.A. <br>
(Name of Issuer)</FONT></P>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">ORDINARY SHARES <br>
Ps.1 NOMINAL VALUE PER SHARE<br>
</FONT><FONT face="serif">(Title of Class of Securities)</FONT></P>
<P align="center"><FONT face="serif">05959110<br>
(CUSIP Number)</FONT></P>
<P align="center">
<FONT face="serif">RAFAEL ALVAREZ<br>
</FONT><FONT face="serif">Authorized Representative of Banco Bilbao Vizcaya, S.A. <br>
Gran Via 1 <br>
48001 Bilbao, Spain <br>
(011) 344-487-6587 <br>
(Name, Address and Telephone Number of <br>
Person Authorized to Receive Notices <br>
and Communications)</FONT></P>
<P align="center">
<FONT face="serif">April 30,1997<br>
</FONT><FONT face="serif">(Date of Event which Requires Filing of this Statement)</FONT></P>
</div>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">
If the filing person has previously filed a statement on Schedule 13G to report the
acquisition which is the subject of this Schedule 13D, and is filing this schedule
because of Rule 13d-1(b)(3) or (4), check the following box:  [ ].</font></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <FONT face="serif">
     <i>Note.</i> Six copies of this statement, including all exhibits, should be filed with the Commission.
     See Rule 13d-1(a) for other parties to whom copies are to be sent.</font></P>
<P align="center">
<FONT face="serif">(Continued on following pages)<br>
</FONT></P>
<P align="center"><FONT face="serif"> Page 1 of 4</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

        <div align=center>
             <table width="90%" border="0" cellspacing="0" cellpadding="10">
                  <tr>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="left" valign="middle"><font size="2" face="Times New Roman, Times, serif">CUSIP
                                      No. </font><FONT face="serif">05959110*</FONT></td>
                       <td width="34%" align="center" valign="middle"><font size="3" face="Times New Roman, Times, serif"><strong>SCHEDULE
                             13D</strong></font></td>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="center" valign="middle"> <font size="2" face="Times New Roman, Times, serif">Page
                                      2 of 4 Pages</font></td>
                  </tr>
             </table>
        </div>
        <br>
<div align=center>
             <table width="90%" border="1" cellpadding="5" cellspacing="0" bordercolor="#000000">
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">1</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">NAME
                                 OF REPORTING PERSONS<br>
                    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>
                    <br>
                       </font><font size="2"><FONT face="serif">BANCO BILBAO VIZCAYA, S.A.</FONT></font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">2</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 THE APPROPRIATE BOX IF A MEMBER OF A GROUP</font>
                                 <div align=right><font size="2" face="Times New Roman, Times, serif">(a)</font>&nbsp;<font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <font size="2" face="Times New Roman, Times, serif">(b)</font>&nbsp;<font size=2 face=wingdings>x</font>&nbsp;</div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">3</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SEC
                                 USE ONLY</font><br>
                                 <br>                    </td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">4</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SOURCE
                                 OF FUNDS<br>
                                      <br>
                       </font><font size=2 face="serif">PF</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">5</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                                 PURSUANT TO ITEMS 2(d) or 2(e)</font>
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">6</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">CITIZENSHIP
                                 OR PLACE OF ORGANIZATION<br>
                                      <br>
                       </font><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingdom of Spain </font></td>
                  </tr>
                  <tr>
                       <td colspan="2" rowspan="4" align="center" valign="middle"><font size="2" face="Times New Roman, Times, serif">NUMBER
                                 OF SHARES<br>
                    BENEFICIALLY OWNED BY
                    EACH <br>
                    REPORTING PERSON
                    WITH </font></td>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">7</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 VOTING POWER<br>
                                      <br>
                       </font><font size=2 face="serif">47,325,155</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">8</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 VOTING POWER<br>
                                      <br>
                       </font><font size=2 face="serif">0</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">9</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 DISPOSITIVE POWER<br>
                                      <br>
                       </font><font size=2 face="serif">47,325,155</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">10</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 DISPOSITIVE POWER<br>
                                      <br>
                       </font><font size=2 face="serif">0</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">11</font></td>
                       <td colspan="3" align="left" valign="top"><p><font size="2" face="Times New Roman, Times, serif">AGGREGATE
                                   AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
                                   PERSON</font></p>
                         <p align="right"><font size=2 face=wingdings>o</font></p>
                         <p align="left"><font size="2" face="Times New Roman, Times, serif">                             </font><font size=2 face="serif">47,325,155</font></p></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">12</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                                 CERTAIN SHARES</font>
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">13</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">PERCENT
                                 OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>
                                      <br>
                       </font><font size=2 face="serif">32.50%</font></td>
                  </tr>
             </table>
             <p><br>
               <br>
  </p>
             <hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<table width="90%" border="1" cellpadding="5" cellspacing="0" bordercolor="#000000">
  <tr>
    <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">14</font></td>
    <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">TYPE
        OF REPORTING PERSON<br>
                                       <br>
    </font><font size="2" face="serif">CO</font></td>
  </tr>
</table>
             <p><font size=2 face="serif">*SEE INSTRUCTIONS BEFORE FILLING OUT!</font> </p>




<TABLE width="90%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT face="serif">*</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="95%">
<FONT size="2" face="serif">Three ordinary shares are evidenced by one American Depository Share of Banco Franc&eacute;s del Rio de la Plata, S.A. The CUSIP number is for the American Depository Shares.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
</div>
<P>
<FONT size="2" face="serif">SEC 1746 (9-88)</FONT></P>
<P align="center">
<FONT size="2" face="serif">Page 3 of 4</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<p>
     <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Banco Bilbao
                    Vizcaya, S.A., a Spanish corporation ("BBV") hereby amends its Report on Schedule 13D, originally filed on October 17, 1996 (the &#147;Schedule 13D&#148;), and amended by Amendment No. 1
               on December 23, 1996 and by Amendment No. 2 on January 24, 1997, with respect to the purchase of Ordinary Shares, Ps. 1 nominal value per share (the &#147;Ordinary Shares&#148;) of Banco Franc&eacute;s del Rio de la Plata S.A., an Argentinean
               corporation (the &#147;Company&#148;). Terms not otherwise defined herein have
     the meanings assigned to them in Schedule 13D.</FONT></font></p>
<P>
     <FONT size="2" face="serif">Item 5. </FONT><font size="2"><U><FONT face="serif">Interest in Securities of the Issuer</FONT></U><FONT face="serif">.</FONT></font></P>
<p>
     <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The response set forth in Item 5(a) of the Schedule 13D is hereby amended and supplemented by adding the following information at the end thereto:</FONT></font></p>
<p>
     <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">BBV has acquired and, for the purpose of Rule 13d-3 promulgated under the Exchange Act, will beneficially own approximately 1,207,723 Ordinary Shares, which, when added to the 46,117,432 Ordinary
     Shares already owned beneficially by BBV is 47,325,155, representing approximately 32.50% of the outstanding equity of the Company.</FONT></font></p>
<p>
     <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The response set forth in Item 5(b) of the Schedule 13D is hereby amended and supplemented by adding the following information at the end thereto:</FONT></font></p>
<p>
     <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Upon the acquisition of the 1,207,723 Ordinary Shares, BBV may be deemed pursuant to Rule 13d-3 to have the power to vote or to direct the vote, or to dispose or direct the disposition of 47,325,155
     Ordinary Shares.</FONT></font></p>
<P align="center">
     <FONT size="2" face="serif">Page 4 of 4</FONT></P>


<br>
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<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="center">
<FONT size="2" face="serif">SIGNATURE</FONT></P>
<P>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">After reasonable inquiry and to the best knowledge and belief of the undersigned, the undersigned certifies that the information set forth in this statement is true, complete and correct.</FONT></font></P>
<P><FONT size="2" face="serif">Date: April 30, 1997</FONT></P>
<P><FONT size="2" face="serif"></FONT></P>
<div align=right>
     <TABLE width="45%" border=0 cellpadding=0 cellspacing=0>
          <TR align="left" valign="bottom">
               <TD colspan="2"> <FONT size="2" face="serif">BANCO BILBAO VIZCAYA,
                         S.A.</FONT> </TD>
          </TR>
          <TR align="left" valign="bottom">
               <TD>&nbsp;</TD>
               <TD>&nbsp;</TD>
          </TR>
          <TR align="left" valign="bottom">
               <TD>&nbsp;</TD>
               <TD>&nbsp;</TD>
          </TR>
          <TR align="left" valign="bottom">
               <TD width=6%><font size="2" face="serif">By:</font></TD>
               <TD width=94%><font size="2"><FONT face="serif">/s/ Rafael Alvarez</FONT></font></TD>
          </TR>
          <TR align="left" valign="bottom">
               <TD>&nbsp;</TD>
               <TD><HR noshade align="left" width="65%" size=1></TD>
          </TR>
          <TR align="left" valign="bottom">
               <TD width=6%>&nbsp;</TD>
               <TD width=94%> <FONT size="2" face="serif">Name: Rafael Alvarez</FONT> </TD>
          </TR>
          <TR align="left" valign="bottom">
               <TD width=6%>&nbsp;</TD>
               <TD width=94%> <FONT size="2" face="serif">Title: &nbsp;&nbsp;Authorized
                         Representative</FONT> </TD>
          </TR>
          <TR align="left" valign="bottom">
               <TD width=6%>&nbsp;</TD>
               <TD width=94%> <FONT size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco
                         Bilbao Vizcaya, S.A.</FONT> </TD>
          </TR>
     </TABLE>
</div>
<font size="2"><BR>
</font>
<P align="center"> <FONT size="2" face="monospace">A-1</FONT></P>
<P>&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>dp03050_ex05.htm
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<div align="right"><strong><font size="2" face="serif">Exhibit 5 </font></strong><br>
    <font size="2" face="serif"><br>

  </font>
</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">Washington, D.C. 20549</FONT>
        </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD width=100%>
<HR align="center" width="10%" size=1 noshade>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">SCHEDULE 13D</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">(Rule 13d-101)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">UNDER THE SECURITIES EXCHANGE ACT OF 1934</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">(Amendment No. 4)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">BANCO FRANC&Eacute;S DEL RIO DE LA PLATA, S.A.</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">(Name of Issuer)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">ORDINARY SHARES</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">Ps.1 NOMINAL VALUE PER SHARE</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">(Title of Class of Securities)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">05959110</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">(CUSIP Number)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">RAFAEL ALVAREZ</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">Authorized Representative of Banco Bilbao Vizcaya, S.A.</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">Gran Via 1</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">48001 Bilbao, Spain</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
      <div align="center"><FONT size="2" face="serif">(011)</FONT>
          <FONT size="2" face="serif">344-487-6587</FONT>
      </div></TD>
  </TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">(Name, Address and Telephone Number of</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">Person Authorized to Receive Notices</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">and Communications)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">November 21,1997</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">(Date of Event which Requires Filing of</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">this Statement)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=left>
      <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the filing
      person has previously filed a statement on Schedule 13G to report the</font>
      <FONT size="2" face="serif">acquisition which is the subject of this Schedule
      13D, and is filing this schedule because of Rule 13d-1(b)(3)
or (4), check the following box: [ ].</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
      <font size="2" face="serif"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note</I>.</font>
      <FONT size="2" face="serif">Six copies of this statement, including all exhibits, should be filed</FONT>
      <FONT size="2" face="serif">with the Commission. <I>See </I>Rule
13d-1(a) for other parties to whom copies are to be sent.</FONT>        </TD>
  </TR>
<TR valign="bottom">
        <TD width=100% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">(Continued on following pages)</FONT></TD>
</TR>
</TABLE>
<font size="2" face="serif"><BR>
</font>
<P align="center">
  <FONT size="2" face="serif">Page 1 of 5</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
</font>
<br>
<div align=center>
             <table width="90%" border="0" cellspacing="0" cellpadding="10">
                  <tr>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="left" valign="middle"><font size="2" face="Times New Roman, Times, serif">CUSIP
                                      No. </font><FONT face="serif">05959110*</FONT></td>
                       <td width="34%" align="center" valign="middle"><font size="3" face="Times New Roman, Times, serif"><strong>SCHEDULE
                             13D</strong></font></td>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="center" valign="middle"> <font size="2" face="Times New Roman, Times, serif">Page
                                      2 of 4 Pages</font></td>
                  </tr>
             </table>
</div>
        <br>
<div align=center>
             <table width="90%" border="1" cellpadding="5" cellspacing="0" bordercolor="#000000">
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">1</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">NAME
                                 OF REPORTING PERSONS<br>
                    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>
                    <br>
                       </font><font size="2"><FONT face="serif">BANCO BILBAO VIZCAYA, S.A.</FONT></font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">2</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 THE APPROPRIATE BOX IF A MEMBER OF A GROUP</font>
                                 <div align=right><font size="2" face="Times New Roman, Times, serif">(a)</font>&nbsp;<font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <font size="2" face="Times New Roman, Times, serif">(b)</font>&nbsp;<font size=2 face=wingdings>x</font>&nbsp;</div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">3</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SEC
                                 USE ONLY</font><br>
                                 <br>                    </td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">4</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SOURCE
                                 OF FUNDS<br>
                                      <br>
                       </font><font size=2 face="serif">PF</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">5</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                                 PURSUANT TO ITEMS 2(d) or 2(e)</font>
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">6</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">CITIZENSHIP
                                 OR PLACE OF ORGANIZATION<br>
                                      <br>
                       </font><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingdom of Spain </font></td>
                  </tr>
                  <tr>
                       <td colspan="2" rowspan="4" align="center" valign="middle"><font size="2" face="Times New Roman, Times, serif">NUMBER
                                 OF SHARES<br>
                    BENEFICIALLY OWNED BY
                    EACH <br>
                    REPORTING PERSON
                    WITH </font></td>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">7</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 VOTING POWER<br>
                                      <br>
                       </font><font size=2 face="serif">7,053,744 Ordinary Shares</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">8</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 VOTING POWER<br>
                                      <br>
                       </font><font size=2 face="serif">0</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">9</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 DISPOSITIVE POWER<br>
                                      <br>
                       </font><font size=2 face="serif">7,053,744 Ordinary Shares </font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">10</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 DISPOSITIVE POWER<br>
                                      <br>
                       </font><font size=2 face="serif">0</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">11</font></td>
                    <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">AGGREGATE
                                 AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
                                 PERSON<br>
                                <br>
                       </font><font size=2 face="serif">54,378,899 Ordinary Shares</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">12</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                                 CERTAIN SHARES</font>
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
             </table>
</div>
<div align="center"><font size="2" face="serif"><br>
  <br>


</font></div>
<P align="center">
  <FONT size="2" face="serif">Page 2 of 5 </FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
<br>
</font>

<div align="center">
<table width="90%" border="1" cellpadding="5" cellspacing="0" bordercolor="#000000">
  <tr>
    <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">13</font></td>
    <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">PERCENT
        OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>
                                       <br>
    </font><font size=2 face="serif">37.28%</font></td>
  </tr>
  <tr>
    <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">14</font></td>
    <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">TYPE
        OF REPORTING PERSON<br>
                                       <br>
    </font><font size="2" face="serif">CO</font></td>
  </tr>
</table>
</div>
<div align="center"><font size="2" face="serif">*SEE INSTRUCTIONS BEFORE FILLING
    OUT!</font> </div>
<P> <FONT size="2" face="serif">* Three ordinary shares are evidenced by one
    American Depository Share of Banco Franc&eacute;s del Rio de la Plata, S.A.
    The CUSIP number is for the American Depository Shares.</FONT></P>
<P><font size="2" face="serif">SEC 1746 (9-88) </font></P>
<div align="center"><FONT size="2" face="serif">Page 3 of 5 </FONT><br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
 <P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya, S.A.,
a Spanish corporation ("BBV") hereby amends its Report on Schedule 13D, originally
filed on October 17, 1996 (the &#147;Schedule 13D&#148;), and amended by Amendment
No. 1  on December 23, 1996, Amendment No. 2 on January 24, 1997 and by Amendment
No. 3 on April 30, 1997, with respect to the purchase of Ordinary Shares, Ps.
1 nominal value per share (the &#147;Ordinary Shares&#148;) of Banco Franc&eacute;s
del Rio de  la Plata S.A., an Argentinean corporation (the &#147;Company&#148;).
Terms not otherwise defined herein have the meanings
assigned to them in Schedule 13D.</font></P>
<P>
  <FONT size="2" face="serif">Item 3. <U>Source and Amount of Funds or Other Consideration</U>.</FONT></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The response set forth in
  Item 3 of the Schedule 13D is hereby amended and supplemented by adding the
following information at the end thereto:</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;During the month of
  October 1997, BBV acquired through 91 separate open market purchases 7,053,744
  Ordinary Shares representing 4.78% of the issued and outstanding Ordinary Shares
  of the Company. The total purchase price for these shares was approximately
U.S. $60,303,588. This acquisition was funded with internally generated funds.&#148;</font></P>
<FONT size="2" face="serif">Item 4. <U>Purpose of Transaction</U>.</FONT>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 4 of Schedule 13D is
  hereby amended by deleting the first paragraph in its entirety and in lieu
thereof replacing it by the following:</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;BBV&#146;s acquisition of an interest in the Company helps to support its overall international growth strategy and to increase its presence in Latin America. BBV will assume a role in the
management of the Company and will continuously review the Company&#146;s business
affairs and financial position. Based on such evaluation and review, as well
as conditions in the securities markets and general economic and industry conditions,
BBV may consider from time to time various alternative courses of action, including
the acquisition of additional Ordinary Shares of the Company.</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBV&#146;s Board of Directors
  has approved a plan under which BBV has agreed to subscribe to $100 million
  of new Ordinary Shares in connection with a capital increase contemplated by
  the Company with respect to its acquisition of Banco de Credito de Argentina.
  It is expected that such capital increase will take place sometime before December
31, 1997 .&#148;</font></P>
<P align="center">
  <FONT size="2" face="serif">Page 4 of 5</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
<br>
<br>


Item 5. <U>Interest in Securities of the Issuer</U>.</font>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The response set forth in
  Item 5(a) of the Schedule 13D is hereby amended and supplemented by adding
the following information at the end thereto:</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;BBV has acquired and,
  for the purpose of Rule 13d-3 promulgated under the Exchange Act, will beneficially
  own approximately 7,053,744 Ordinary Shares, which, when added to the 47,325,155
  Ordinary Shares already owned beneficially by BBV is 54,378,899, representing
approximately 37.28% of the outstanding equity of the Company.</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The response set forth in
  Item 5(b) of the Schedule 13D is hereby amended and supplemented by adding
the following information at the end thereto:</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Upon the acquisition
  of the 7,053,744 Ordinary Shares, BBV may be deemed pursuant to Rule 13d-3
  to have the power to vote or to direct the vote, or to dispose or direct the
disposition of 54,378,899 Ordinary Shares.&#148;</font></P>
<P align="center">
  <FONT size="2" face="serif">Page 5 of 5</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
</font>
<div align="center"><font size="2" face="serif"><br>
  <br>


  SIGNATURE</font>
</div>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After reasonable inquiry and
  to the best knowledge and belief of the undersigned, the undersigned certifies
that the information set forth in this statement is true, complete and correct.</font></P>
<p><FONT size="2" face="serif">Date:</FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
        <TD colspan="3" align=left>
      <FONT size="2" face="serif">BANCO BILBAO VIZCAYA, S.A.</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
        <TD width=3% align=left><font size="2" face="serif">By:</font></TD>
        <TD colspan="2" align=left><FONT size="2" face="serif">/s/Rafael Alvarez</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><hr align="left" width="65%" size="1" noshade></TD>
  </TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
        <TD width=3% align=left>&nbsp;</TD>
        <TD width=5% align=left><font size="2" face="serif">Name:</font></TD>
        <TD width=47% align=left>
      <FONT size="2" face="serif"> Rafael Alvarez</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
        <TD width=3% align=left>&nbsp;</TD>
        <TD width=5% align=left><font size="2" face="serif">Title:</font></TD>
        <TD width=47% align=left>
      <FONT size="2" face="serif"> Authorized Representative</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
        <TD width=3% align=left>&nbsp;</TD>
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=47% align=left>
      <FONT size="2" face="serif">Banco Bilbao Vizcaya, S.A.</FONT>
        </TD>
</TR>
</TABLE>
<font size="2" face="serif"><BR>
</font>
<P align="center">
  <FONT size="2" face="serif">A-1</FONT></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>dp03050_ex06.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>
<BODY bgcolor="#ffffff">
<div align="right"><strong><font size="2" face="serif">Exhibit 6 </font></strong><br>
    <font size="2" face="serif"><br>

  </font>
</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">Washington, D.C. 20549</FONT>
        </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD width=100%>
<HR align="center" width="10%" size=1 noshade>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">SCHEDULE 13D</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">(Rule 13d-101)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">UNDER THE SECURITIES EXCHANGE ACT OF 1934</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">(Amendment No. 5)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">FRENCH BANK OF THE RIO DE LA PLATA <br>
      BANCO FRANC&Eacute;S DEL RIO DE LA PLATA, S.A.</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">(Name of Issuer)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">ORDINARY SHARES</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">Ps.1 NOMINAL VALUE PER SHARE</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">(Title of Class of Securities)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">05959110</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">(CUSIP Number)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">RAFAEL ALVAREZ</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">Authorized Representative of Banco Bilbao Vizcaya, S.A.</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">Gran Via 1</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">48001 Bilbao, Spain</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
      <div align="center"><FONT size="2" face="serif">(011)</FONT>
          <FONT size="2" face="serif">344-487-6587</FONT>
      </div></TD>
  </TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">(Name, Address and Telephone Number of</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">Person Authorized to Receive Notices</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">and Communications)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">January 16, 1998</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">(Date of Event which Requires Filing of</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">this Statement)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=left>
      <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the filing
      person has previously filed a statement on Schedule 13G to report the</font>
      <FONT size="2" face="serif">acquisition which is the subject of this Schedule
      13D, and is filing this schedule because of Rule 13d-1(b)(3)
or (4), check the following box: [ ].</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
      <font size="2" face="serif"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note</I>.</font>
      <FONT size="2" face="serif">Six copies of this statement, including all exhibits, should be filed</FONT>
      <FONT size="2" face="serif">with the Commission. <I>See </I>Rule
13d-1(a) for other parties to whom copies are to be sent.</FONT>        </TD>
  </TR>
<TR valign="bottom">
        <TD width=100% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
      <FONT size="2" face="serif">(Continued on following pages)</FONT></TD>
</TR>
</TABLE>
<font size="2" face="serif"><BR>
</font>
<P align="center">
  <FONT size="2" face="serif">Page 1 of 7 </FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
</font>
<br>
<div align=center>
             <table width="90%" border="0" cellspacing="0" cellpadding="10">
                  <tr>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="left" valign="middle"><font size="2" face="Times New Roman, Times, serif">CUSIP
                                      No. </font><FONT face="serif">05959110*</FONT></td>
                       <td width="34%" align="center" valign="middle"><font size="3" face="Times New Roman, Times, serif"><strong>SCHEDULE
                             13D</strong></font></td>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="center" valign="middle"> <font size="2" face="Times New Roman, Times, serif">Page
                                      2 of 7 Pages</font></td>
                  </tr>
             </table>
</div>
        <br>
<div align=center>
             <table width="90%" border="1" cellpadding="5" cellspacing="0" bordercolor="#000000">
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">1</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">NAME
                                 OF REPORTING PERSONS<br>
                    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>
                    <br>
                       </font><font size="2"><FONT face="serif">BANCO BILBAO VIZCAYA, S.A.</FONT></font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">2</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 THE APPROPRIATE BOX IF A MEMBER OF A GROUP</font>
                                 <div align=right><font size="2" face="Times New Roman, Times, serif">(a)</font>&nbsp;<font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <font size="2" face="Times New Roman, Times, serif">(b)</font>&nbsp;<font size=2 face=wingdings>x</font>&nbsp;</div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">3</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SEC
                                 USE ONLY</font><br>
                                 <br>                    </td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">4</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SOURCE
                                 OF FUNDS<br>
                                      <br>
                       </font><font size=2 face="serif">PF</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">5</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                                 PURSUANT TO ITEM 2(d) or 2(e)</font>
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">6</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">CITIZENSHIP
                                 OR PLACE OF ORGANIZATION<br>
                                      <br>
                       </font><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingdom of Spain </font></td>
                  </tr>
                  <tr>
                       <td colspan="2" rowspan="4" align="center" valign="middle"><font size="2" face="Times New Roman, Times, serif">NUMBER
                                 OF SHARES<br>
                    BENEFICIALLY OWNED BY
                    EACH <br>
                    REPORTING PERSON
                    WITH </font></td>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">7</font></td>
                    <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 VOTING POWER<br>
                             <br>
                       </font><font size=2 face="serif">97,719,421 Ordinary Shares </font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">8</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 VOTING POWER<br>
                                      <br>
                       </font><font size=2 face="serif">0</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">9</font></td>
                    <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 DISPOSITIVE POWER<br>
                             <br>
                       </font><font size=2 face="serif">97,719,421 Ordinary Shares</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">10</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 DISPOSITIVE POWER<br>
                                      <br>
                       </font><font size=2 face="serif">0</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">11</font></td>
                    <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">AGGREGATE
                                 AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
                                 PERSON<br>
                             <br>
                       </font><font size=2 face="serif">97,719,421 Ordinary Shares</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">12</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                                 CERTAIN SHARES</font>
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
             </table>
</div>

<div align="center"><font size="2" face="serif">
</font></div>
<br><br>
<P align="center">
  <FONT size="2" face="serif">Page 2 of 7 </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>


<div align="center">
<table width="90%" border="1" cellpadding="5" cellspacing="0" bordercolor="#000000">
  <tr>
    <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">13</font></td>
    <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">PERCENT
        OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>
                                       <br>
    </font><font size=2 face="serif">52.36%</font></td>
  </tr>
  <tr>
    <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">14</font></td>
    <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">TYPE
        OF REPORTING PERSON<br>
                                       <br>
    </font><font size="2" face="serif">CO</font></td>
  </tr>
</table>
</div>
<div align="center"><font size="2" face="serif">*SEE INSTRUCTIONS BEFORE FILLING
    OUT!</font> </div>
<P> <FONT size="2" face="serif">* Three ordinary shares are evidenced by one
    American Depository Share of Banco Franc&eacute;s del Rio de la Plata, S.A.
    The CUSIP number is for the American Depository Shares.</FONT></P>
<P>SEC 1746 (9-88) </P>
<div align="center"><FONT size="2" face="serif">Page 3 of 7</FONT><br>
   <br>
</div>
 <hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2" face="serif">Banco Bilbao Vizcaya,
S.A., a Spanish corporation ("BBV") hereby amends its Report on Schedule 13D, originally filed on October 17, 1996 (the &#147;Schedule 13D&#148;), and amended by Amendment No. 1
on December 23, 1996, Amendment No. 2 on January 24, 1997, Amendment No. 3 on April 30, 1997 and by Amendment No. 4 on November 21, 1997, with respect to the purchase of Ordinary Shares, Ps. 1 nominal value per share (the &#147;Ordinary
Shares&#148;) of Banco Franc&eacute;s del Rio de la Plata S.A., an Argentinean corporation (the &#147;Company&#148;).
Terms not otherwise defined herein have the meanings assigned to them in Schedule
13D.</FONT></P>
<P>
  <FONT size="2" face="serif">Item 3. <U>Source and Amount of Funds or Other Consideration</U>.</FONT></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The response set
  forth in Item 3 of the Schedule 13D is hereby amended and supplemented by adding
the following information at the end thereto:</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;During the
  months of November and December 1997, BBV acquired, through a subscription
  of Ordinary Shares in connection with a capital increase and separate open
  market purchases, an aggregate of 31,620,150 Ordinary Shares representing 18.34%
  of the issued and outstanding Ordinary Shares of the Company. The total purchase
  price for these shares was approximately U.S. $275 million. This acquisition
was funded with internally generated funds.</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January 16, 1998, BBV entered into an Option Exercise Agreement with Fernando Jorge de Santiba&ntilde;es (&#147;Santiba&ntilde;es&#148;) pursuant to which BBV acquired 55,242,951 shares or 28.04%
of the capital stock of Banco de Cr&eacute;dito Argentino (&#147;BCA&#148;),
a 77% owned subsidiary of the Company, for an aggregate purchase price of approximately
U.S. $161 million. Such acquisition was funded with internally generated funds.
As further described in Item 4 below, upon the consummation of the merger between
BCA and the Company, BBV will exchange its shares of BCA for approximately a
total of 14,070,252 Ordinary Shares representing 8.16% of the issued and outstanding
capital stock of the Company.&#148;</font></P>
<FONT size="2" face="serif">Item 4. <U>Purpose of Transaction</U>.</FONT>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 4 of Schedule
13D is hereby deleted in its entirety and replaced by the following:</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;BBV&#146;s acquisition of an interest in the Company helps to support its overall international growth strategy and to increase its presence in Latin America. BBV will assume a role in the
management of the Company and will continuously review the Company&#146;s business
affairs and financial position. Based on such evaluation and review, as well
as conditions in the securities markets and general economic and industry conditions,
BBV may consider from time to time various alternative courses of action, including
the acquisition of additional Ordinary Shares of the Company.</font></P>
<P>&nbsp;</P>
<P align="center">
  <FONT size="2" face="serif">Page 4 of 7</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
<br>
<br>


</font>
<P>
  <FONT size="2" face="serif"> <FONT size="2" face="serif">The Company&#146;s
  Board of Directors and stockholders have approved a plan under which BCA, a
  77% owned subsidiary of the Company, will be merged into the Company. As consideration
  for the</FONT> merger, the shareholders of BCA will receive one Ordinary Share
  of the Company per 3.926 shares of BCA. It is expected that the merger will
  take place sometime before January 31, 1997.</FONT></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth
  above, none of BBV, any person controlling BBV, or to the best of its knowledge,
  any of the persons named in Schedule A has any plan or proposals which relate
  to or would result in any of the transactions described in subparagraphs (a)
through (j) of Item 4 of Schedule 13D.&#148; </font></P>
<FONT size="2" face="serif">Item 5. <U>Interest in Securities of the Issuer</U>.</FONT>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The response set
  forth in Item 5(a) of the Schedule 13D is hereby amended and supplemented by
adding the following information at the end thereto:</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;As a result
  of its acquisition of Ordinary Shares of the Company through a subscription
  of shares in connection with a capital increase and open market transactions,
  and upon consummation of the merger between BCA and the Company, BBV will beneficially
  own, for the purpose of Rule 13d-3 promulgated under the Securities Exchange
  Act of 1934, as amended, approximately 97,719,421 Ordinary Shares, representing
approximately 52.36% of the outstanding equity of the Company.&#148;</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The response set
  forth in Item 5(b) of the Schedule 13D is hereby amended and supplemented by
adding the following information at the end thereto:</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Upon the consummation
  of the transactions described above, BBV may be deemed pursuant to Rule 13d-3
  to have the power to vote or to direct the vote, or to dispose or direct the
disposition of, approximately 97,719,421 Ordinary Shares.&#148;</font></P>
<P>
  <FONT size="2" face="serif">Item 6. <U>Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Company</U>.</FONT></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 6 is hereby
amended and supplemented by adding the following information at the end thereto:</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;On January 16, 1998, BBV entered into an Option Exercise Agreement with Santiba&ntilde;es
  pursuant to which BBV acquired 55,242,951 shares or 28.04% of the capital stock
  of BCA, a 77% owned subsidiary of the Company, for an aggregate purchase price
  of approximately U.S. $161 million. As further described in Item 4 above, upon
  the consummation of the merger between BCA and the Company, BBV will exchange
  its shares of BCA for approximately a total of 14,070,252 Ordinary Shares representing
8.16% of the issued and outstanding capital stock of the Company.&#148;</font></P>
<P align="center">
  <FONT size="2" face="serif">Page 5 of 7</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
Item 7. <U>Material to be Filed as Exhibits</U>.</font> <font size="2" face="serif"><br>
<br>



</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
        <TD width=8% align=left>
      <FONT size="2" face="serif">Exhibit 1:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=90% align=left>
      <FONT size="2" face="serif">English Summary of the material terms of the Option Exercise Agreement dated</FONT>
      <FONT size="2" face="serif">January 16, 1998 between Fernando Jorge de
      Santiba&ntilde;es
      and BBV relating to the sale</FONT>
      <FONT size="2" face="serif">of 28.04% of the shares of BCA</FONT></TD>
</TR>
</TABLE>
<font size="2" face="serif"><BR>
</font>
<P align="center">
  <FONT size="2" face="serif">Page 6 of 7</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
</font>
<div align="center"><font size="2" face="serif"><br>
  <br>


  SIGNATURE</font>
</div>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After reasonable
  inquiry and to the best knowledge and belief of the undersigned, the undersigned
  certifies that the information set forth in this statement is true, complete
and correct.</font></P>
<p><FONT size="2" face="serif">Date: January 22, 1998</FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
        <TD colspan="3" align=left>
      <FONT size="2" face="serif">BANCO BILBAO VIZCAYA, S.A.</FONT>     </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
        <TD width=3% align=left><font size="2" face="serif">By:</font></TD>
        <TD colspan="2" align=left><FONT size="2" face="serif">/s/ Rafael Alvarez</FONT>        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><hr align="left" width="65%" size="1" noshade></TD>
  </TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
        <TD width=3% align=left>&nbsp;</TD>
        <TD width=5% align=left><font size="2" face="serif">Name:</font></TD>
        <TD width=47% align=left>
      <FONT size="2" face="serif"> Rafael Alvarez</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
        <TD width=3% align=left>&nbsp;</TD>
        <TD width=5% align=left><font size="2" face="serif">Title:</font></TD>
        <TD width=47% align=left>
      <FONT size="2" face="serif"> Authorized Representative</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
        <TD width=3% align=left>&nbsp;</TD>
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=47% align=left>
      <FONT size="2" face="serif">Banco Bilbao Vizcaya, S.A.</FONT>
        </TD>
</TR>
</TABLE>
<font size="2" face="serif"><BR>
</font>
<P align="center">
  <FONT size="2" face="serif">Page 7 of 7</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
</font>
<div align="right"><font size="2" face="serif"><br>
  <br>


  <U>Schedule A</U>
</font></div>
<P align="center">  <FONT size="2" face="serif">DIRECTORS AND EXECUTIVE OFFICERS OF<br>
BANCO BILBAO VIZCAYA, S.A.
</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR align="center" width="30%" size="1" noshade></td>
  </tr>
</table>
<P align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    name and present principal occupation or employment of each of the directors
    and executive officers of Banco Bilbao Vizcaya, S.A. are set forth below.
    All of the Directors and Executive Officers are citizens of Spain. The registered
    business address of each of the persons listed below is Plaza de San Nicolas
4, 48005 Bilbao, Spain.</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=49% align=left>
      <font size="2" face="serif"><U>Directors</U>
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <font size="2" face="serif"><U>Name</U></font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <font size="2" face="serif"><U>Principal Occupation</U>
    </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Emilio de Ybarra y Churruca</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Executive Chairman (1990);</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Vice Chairman (1986);</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Chief Executive (1976);</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1971)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Javier G&uacute;rpide Huarte</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Vice Chairman (1994)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Second Vice Chairman (1990)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Gervasio Collar Zabaleta</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Vice Chairman (1995)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1976)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Domingo Ampuero Osma</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Vice Chairman (1995)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1985)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Pedro Luis Uriarte Santamarina</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Chief Executive (1994)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1990)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Angel S&aacute;nchez Asia&iacute;n</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1970)</FONT>
        </TD>
</TR>
</TABLE>
<font size="2" face="serif"><BR>
</font>
<P align="center">
  <FONT size="2" face="serif">A-1</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
<br>
<br>



</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Federico Lipperheide Wicke</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1973)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Eduardo Aguirre Alonso-Allende</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1981)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Ram&oacute;n de Icaza y Zab&aacute;lburu</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1963)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Ignacio Zubir&iacute;a Mac-Mah&oacute;n</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1973)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Vicente Eulate Mac-Mah&oacute;n</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1975)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Fernando de Ybarra y L&oacute;pez-D&oacute;riga</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1975)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Francisco Javier Aresti Victoria de Lecea</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1983)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Luis Lezama-Leguizam&oacute;n Dolagaray</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1986)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Andr&eacute;s Vilarino Maura</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1987)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Antonio S&aacute;enz-Azc&uacute;naga
      Usandizaga</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1988)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Luis Maria de Ybarra y Zubir&iacute;a</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1988)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Ricardo Muguruza Garteizgogeascoa</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1988)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Aureliano Recio Arias</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1988)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Pl&aacute;cido Arango Arias</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1990)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Juan Entrecanales de Azc&aacute;rate</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1990)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Llad&oacute; Fernandez-Urrutia</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1990)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Juan Urrutia Elejalde</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1990)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Alfonso Cortina Alcocer</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Director (1995)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
</TABLE>
<font size="2" face="serif"><BR>
</font>
<P align="center">
  <FONT size="2" face="serif">A-2</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<font size="2" face="serif"><PAGE>
<br>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=49% align=left> <font size="2" face="serif"><U>Executive Officers
          (who are not directors)</U> </font></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=49% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <font size="2" face="serif"><U>Name</U> </font></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=49% align=left> <font size="2" face="serif"><U>Principal Occupation</U></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <FONT size="2" face="serif">Jos&eacute; Luis Marcaida
        Onaindia</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=49% align=left> <FONT size="2" face="serif">General Manager</FONT></TD>
  </TR>
</TABLE>
<font size="2" face="serif"><br>



</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Luis Javier Bastida Ibarg&uuml;en</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Ramon Guerediaga Mendiola</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Juan Palacios Raufast</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Gonzalo Terreros Ceballos</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Javier Echenique Landir&iacute;bar</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Ignacio Goirigolzarri Tellaeche</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Luis Carranza Ortiz</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jos&eacute; Fonollosa Garc&iacute;a</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jose Perez Fernandez</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Mario Fernandez Pelaz</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">General Manager</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Jose Maria Concejo Alvarez</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=49% align=left>
      <FONT size="2" face="serif">Secretary</FONT></TD>
</TR>
</TABLE>
<font size="2" face="serif"><BR>
</font>
<P align="center">
  <FONT size="2" face="serif">A-3</FONT></P>

<font size="2" face="serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<font size="2" face="serif"><br>
<br>
</font>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>dp03050_ex07.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>
<BODY bgcolor="#ffffff">
<div align="center">
     <p align="right"><strong><font size="2" face="serif">Exhibit 7 </font></strong></p>
     <p><FONT face="serif"><strong>UNITED STATES</strong></FONT><strong><BR>
        <FONT face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
        <FONT face="serif">Washington, D.C. 20549</FONT></strong></p>
     <table width="100%"  border="0" cellspacing="0" cellpadding="0">
       <tr>
         <td><hr align="center" width="10%" size="1" noshade></td>
       </tr>
     </table>
     <p><FONT face="serif"><strong>SCHEDULE 13D<br>
     </strong></FONT><strong><FONT size="2" face="serif">Under the Securities Exchange Act of 1934</FONT></strong></p>
  <p><FONT face="serif"><strong>BANCO
                                FRANC&Eacute;S DEL RIO DE LA <br>
    PLATA, S.A.</strong></FONT><BR>
  <FONT size="2" face="serif">(Name of Issuer)</FONT></p>
  <p><FONT face="serif"><strong>ORDINARY SHARES</strong></FONT><strong><BR>
          <FONT face="serif">Ps.1 NOMINAL VALUE PER SHARE</FONT></strong><BR>
  <FONT size="2" face="serif">(Title of Class of Securities)</FONT></p>
     <p><FONT face="serif"><strong>05959110</strong></FONT><BR>
  <FONT size="2" face="serif">(CUSIP Number)</FONT></p>
     <p><FONT face="serif"><strong>RAYMOND SURGUY</strong></FONT><strong><BR>
        <FONT face="serif">Authorized Representative of Banco<br>
        Bilbao Vizcaya,
        S.A.</FONT><BR>
        <FONT face="serif">116 E. 55th Street</FONT><BR>
        <FONT face="serif">New York, New York 10022</FONT><BR>
        <FONT face="serif">(212) 826-1320</FONT></strong><BR>
          <FONT size="2" face="serif">(Name, Address and Telephone Number of<BR>
          Person Authorized to Receive Notices<BR>
  and Communications)</FONT></p>
     <p>          <FONT face="serif">(Date of Event which Requires Filing of</FONT>           <FONT face="serif">this
         Statement)</FONT></p>
     <table width="100%"  border="0" cellspacing="0" cellpadding="0">
       <tr>
         <td><hr align="center" width="10%" size="1" noshade></td>
       </tr>
</table></div>
     <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this statement because of Rule 13d-1(b)(3) or
(4), check the following: [ ].</FONT></p>

<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the following box if a fee is being paid with this statement: [ ].</FONT></P>
<P align="center">

<br>
</P>

<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

        <div align=center>
             <table width="90%" border="0" cellspacing="0" cellpadding="10">
                  <tr>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="left" valign="middle"><font size="2" face="Times New Roman, Times, serif">CUSIP
                                      No. </font><FONT face="serif">879382</FONT></td>
                       <td width="34%" align="center" valign="middle"><font size="3" face="Times New Roman, Times, serif"><strong>SCHEDULE
                             13D</strong></font></td>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="center" valign="middle"> <font size="2" face="Times New Roman, Times, serif">Page
                                      2 of 8 Pages</font></td>
                  </tr>
             </table>
        </div>
        <br>
<div align=center>
             <table width="90%" border="1" cellpadding="5" cellspacing="0" bordercolor="#000000">
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">1</font></td>
                    <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">NAME
                                 OF REPORTING PERSONS<br>
                    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>
     <br>
                       </font><font size="2"><FONT face="serif">BANCO BILBAO
                       VIZCAYA ARGENTARIA, S.A.</FONT></font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">2</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 THE APPROPRIATE BOX IF A MEMBER OF A GROUP</font>
                                 <div align=right><font size="2" face="Times New Roman, Times, serif">(a)</font>&nbsp;<font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <font size="2" face="Times New Roman, Times, serif">(b)</font>&nbsp;<font size=2 face=wingdings>x</font>&nbsp;</div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">3</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SEC
                                 USE ONLY</font><br>
                                 <br>                    </td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">4</font></td>
                    <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SOURCE
                                 OF FUNDS*<br>
                       <br>
                       </font><font size=2 face="serif">WC</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">5</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                                 PURSUANT TO ITEMS 2(d) or 2(e)</font>
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">6</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">CITIZENSHIP
                                 OR PLACE OF ORGANIZATION<br>
                                      <br>
                       </font><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingdom of Spain </font></td>
                  </tr>
                  <tr>
                       <td colspan="2" rowspan="4" align="center" valign="middle"><font size="2" face="Times New Roman, Times, serif">NUMBER
                                 OF SHARES<br>
                    BENEFICIALLY OWNED BY
                    EACH <br>
                    REPORTING PERSON
                    WITH </font></td>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">7</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 VOTING POWER<br>
                                      <br>
                       </font><font size=2 face="serif">137,538,624 Ordinary
                       Shares</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">8</font></td>
                    <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 VOTING POWER<br>
                                   <br>
                       </font><font size=2 face="serif">Not applicable.</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">9</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 DISPOSITIVE POWER<br>
                                      <br>
                       </font><font size=2 face="serif">137,538,624 Ordinary
                       Shares</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">10</font></td>
                    <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 DISPOSITIVE POWER<br>
                       <br>
                       </font><font size=2 face="serif">Not applicable.</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">11</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">AGGREGATE
                                 AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
                                 PERSON<br>
                                      <br>
                       </font><font size=2 face="serif">137,538,624 Ordinary
                       Shares</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">12</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                                 CERTAIN SHARES*</font>
                         <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                    </div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">13</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">PERCENT
                                 OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>
                                      <br>
                       </font><font size=2 face="serif">65.61%</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">14</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">TYPE
                                 OF REPORTING PERSON*<br>
                                      <br>
                       </font><font size="2" face="serif">BK</font></td>
                  </tr>
             </table>
             <p><font size=2 face="serif">*SEE INSTRUCTIONS BEFORE FILLING OUT!</font> </p>
</div>

<P>
<FONT size="2" face="serif">SEC 1746 (9-88) 2 OF 7</FONT></P>
<P align="center">
<FONT size="2" face="serif">Page 2 of 8 </FONT></P>
<br>
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<br>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2" face="serif">Banco Bilbao Vizcaya
  Argentaria, S.A., a Spanish corporation (&#147;BBVA&#148;, f/k/a Banco Bilbao Vizcaya, S.A.) hereby amends its Report on Schedule 13D, originally filed on October 17, 1996 (the
&#147;Schedule 13D&#148;), as amended by Amendment No. 1 filed on December 23, 1996, Amendment No. 2 filed on January 24, 1997, Amendment No. 3 filed on April 30, 1997, Amendment No. 4 filed on November 21, 1997, and Amendment No. 5 filed on January
  22, 1998, with respect to the purchase of Ordinary Shares, Ps. 1 nominal value per share (the &#147;Ordinary Shares&#148;) of Banco Franc&eacute;s del Rio de la Plata S.A., an Argentine corporation (the &#147;Company&#148;).
  Terms not otherwise defined herein have the meanings assigned to them in the
  Schedule 13D.</FONT></P>
<font size="2" face="serif"><B>Item 2. Identity and Background</B></font>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The response set
  forth in Item 2 of the Schedule 13D is hereby deleted in its entirety and replaced
by the following:</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Schedule 13D
  is filed by Banco Bilbao Vizcaya Argentaria, S.A., a corporation (<I>sociedad
  an&oacute;nima</I>)
organized under the laws of the Kingdom of Spain (&#147;BBVA&#148;, f/k/a Banco Bilbao Vizcaya, S.A. (&#147;Banco Bilbao Vizcaya&#148;)).</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The address of the registered office of BBVA is Plaza de San Nicol&aacute;s
  4, 48005 Bilbao, Spain. The principal executive offices of BBVA are Paseo de
  la Castellana 81, Madrid, Spain and Gran Via 1, Bilbao, Spain. The name, business
  address, present principal occupation or employment, and citizenship of each
  director and executive officer of BBVA is set forth on Schedule A attached
hereto.</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January 28, 2000, pursuant to a statutory merger under Spanish law, Argentaria Caja Postal y Banco Hipotecario, S.A. (&#147;Argentaria&#148;) was merged with and into Banco Bilbao Vizcaya upon the
registration of such merger in the Mercantile Registry of Vizcaya, Spain (the &#147;Merger&#148;).
Pursuant to Spanish law, as a result of the Merger, all assets and liabilities
of Argentaria were transferred to Banco Bilbao Vizcaya. Additionally, as a result
of the Merger, Banco Bilbao Vizcaya changed its name to Banco Bilbao Vizcaya
Argentaria, S.A.</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBVA, which resulted from the merger of two of Spain&#146;s leading financial institutions, provides a wide range of banking, financial and related activities in Spain and around the world in
countries where it has offices or subsidiaries. BBVA&#146;s primary lines of business include deposit-taking, lending, trade finance, securities underwriting, and brokerage and related financial services. Financial services offered by BBVA&#146;s
consolidated subsidiaries include lease and specialized financing, factoring,
securities trading, securities brokerage, mortgage and consumer financing, venture
capital and real estate development and management.</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the last five years, none of BBVA, Banco Bilbao Vizcaya, Argentaria, or any person controlling any of them, and to the best of BBVA&#146;s
  knowledge, no person listed on Schedule A attached hereto, has been convicted
  in a criminal proceeding (excluding traffic violations or similar misdemeanors)
or has been a party to a civil proceeding of a judicial or </font></P>
<div align="center"><FONT size="2" face="serif">3 of 8</FONT></div>
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<br>



<P>
  <FONT size="2" face="serif">administrative body of competent jurisdiction and
  as a result of such proceeding was or is subject to a judgment, decree or final
  order enjoining future violations of, or prohibiting or mandating activities
  subject to, federal or state securities laws or finding any violation with
  respect to such laws.</FONT></P>
<P>
  <font size="2" face="serif"><B>Item 3. Source and Amount of Funds or Other Consideration</B></font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The response set
  forth in Item 3 of the Schedule 13D is hereby amended and supplemented by adding
the following information at the end thereto:</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the most recent
  amendment to this 13D filed on January 22, 1998, BBVA or Banco Bilbao Vizcaya,
  as the case may be, acquired through open market purchases an additional 39,819,203
  Ordinary Shares representing 13.25% of the Company. These acquisitions were
funded with internally generated funds.</font></P>
<p><font size="2" face="serif"><B>Item 4. Purpose of Transaction</B></font></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Paragraph 2 of Item 4 is hereby amended to read:</font>
</p>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth
  above, none of BBVA, any person controlling BBVA, or to the best of its knowledge,
  any of the persons named in Schedule A has any plan or proposals which relate
  to or would result in any of the transactions described in subparagraphs (a)
through (j) of Item 4 of Schedule 13D.</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the
  foregoing, BBVA, acting directly or through its subsidiaries, may in the future
  determine to acquire additional Shares of the Company or to dispose of Shares
of the Company in the ordinary course of its business.</font></P>
<font size="2" face="serif"><B>Item 5. Interest in Securities of the Issuer.</B></font>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The response set
  forth in Item 5(a) of the Schedule 13D is hereby amended and supplemented by
adding the following information at the end thereto:</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of its
  acquisition of Ordinary Shares of the Company through open market transactions,
  BBVA beneficially owns, for the purpose of Rule 13d-3 promulgated under the
  Securities Exchange Act of 1934, as amended, approximately 137,538,624 Ordinary
  Shares, representing approximately 65.61% of the outstanding equity of the
Company.</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth
  in this Item 5(a), none of BBVA or any other person controlling BBVA beneficially
owns any Shares.</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The response set
  forth in Item 5(b) of the Schedule 13D is hereby amended and supplemented by
adding the following information at the end thereto:</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the
  transactions described above, BBVA may be deemed pursuant to Rule 13d-3 to
  have the power to vote or to direct the vote, or to dispose or direct the disposition
of, approximately 137,538,624 Ordinary Shares.</font></P>
<div align="center"><FONT size="2" face="serif">4 of 8</font></div><br>
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<br>

<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The response set
  forth in Item 5(c) of the Schedule 13D is hereby amended and supplemented by
adding the following information at the end thereto:</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the past sixty
  days, BBVA and Banco Bilbao Vizcaya, as the case may be, purchased an aggregate
  of 2,580,000 Ordinary Shares of the Company in the open market. The total purchase
price for these Ordinary Shares was US$19,509,960.</font></P>
<P>
  <font size="2" face="serif"><B>Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.</B></font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 6 is hereby
amended and supplemented by adding the following information at the end thereto:</font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in this Item 6, none of the persons named in Item 2 and, to the best of BBVA&#146;s knowledge, none of the persons named in Schedule A hereto has any contracts, arrangements,
understandings or relationships (legal or otherwise) with any persons with respect to any securities of the Company, including, but not limited to, transfers or voting of any securities, finder&#146;s
fees, joint ventures, loan or option arrangements, put or calls, guarantees of
profits, division of profits or loss, or the giving or withholding of proxies.</font></P>
<div align="center"><FONT size="2" face="serif">5 of 8</font></div><br>
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<div align="center"><font size="2" face="serif"><br>
  <br>


    <B>SIGNATURE</B></font></div>
<p>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After reasonable
  inquiry and to the best knowledge and belief of the undersigned, the undersigned
  certifies that the information set forth in this statement is true, complete
and correct.</font></P>
<p><FONT size="2" face="serif">Date: February 22, 2000</FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
  <TD colspan="3" align=left>
    <FONT size="2" face="serif">BANCO BILBAO VIZCAYA ARGENTARIA, S.A.</FONT>    </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
  <TD width=3% align=left><font size="2" face="serif">By:</font></TD>
  <TD colspan="2" align=left><FONT size="2" face="serif">/s/ Ra&uacute;l Santoro</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><hr align="left" width="65%" size="1" noshade></TD>
  </TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
  <TD width=3% align=left>&nbsp;</TD>
  <TD width=5% align=left><font size="2" face="serif">Name:</font></TD>
        <TD width=47% align=left><FONT size="2" face="serif"> Ra&uacute;l Santoro</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
  <TD width=3% align=left>&nbsp;</TD>
  <TD width=5% align=left><font size="2" face="serif">Title:</font></TD>
        <TD width=47% align=left><FONT size="2" face="serif"> Authorized Representative</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
  <TD width=3% align=left>&nbsp;</TD>
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=47% align=left> <FONT size="2" face="serif">Banco Bilbao Vizcaya Argentaria, S.A.</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<div align="center"><font size="2" face="serif">6 of 8</font></div>
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<font size="2" face="serif"><PAGE>
</font>
<div align="right"><font size="2" face="serif"><br>
  <br>


      <B>Schedule A</B></font></div>
<P align="center">
  <font size="2" face="serif"><B>DIRECTORS AND EXECUTIVE OFFICERS OF<br>
BANCO BILBAO VIZCAYA
ARGENTARIA, S.A.</B></font></P>
<P>
  <font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and present
  principal occupation or employment of each of the directors and executive officers
  of Banco Bilbao Vizcaya Argentaria, S.A. are set forth below. All of the Directors
  and Executive Officers are citizens of Spain. The registered business address
  of each of the persons listed below is Plaza de San Nicolas 4, 48005 Bilbao,
Spain.</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=40% align=left>
      <font size="2" face="serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<U>Directors</U>
    </font></TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left>

        </TD>
    <TD width=40% align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align="center">&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <font size="2" face="serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<U>Name</U></font></TD>
        <TD colspan="2" align="center">
      <font size="2" face="serif"><U>Principal Occupation</U></font></TD>
        <TD width=40% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Emilio de Ybarra y Churruca</FONT></TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left> <FONT size="2" face="serif">President</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Francisco Gonz&aacute;lez Rodrigu&eacute;z</FONT>
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left> <FONT size="2" face="serif">President</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Pedro Luis Uriarte Santamarina</FONT>
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left> <FONT size="2" face="serif">Vice President</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Gervasio Collar Zabaleta</FONT>
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left> <FONT size="2" face="serif">Vice President</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Jos&eacute; Domingo Ampuero</FONT>
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left> <FONT size="2" face="serif">Vice President</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Jes&uacute;s Mar&iacute;a Cainzos Fern&aacute;ndez</FONT>
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left> <FONT size="2" face="serif">Director</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Eduardo Aguirre y Alonso Allende</FONT>
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left> <FONT size="2" face="serif">Director</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Juan Carlos &Aacute;lvarez Mezquiriz</FONT>
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left> <FONT size="2" face="serif">Director</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Pl&aacute;cido Arango Arias</FONT>
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left> <FONT size="2" face="serif">Director</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Francisco Javier Aresti y Victoria de Lecea</FONT>
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left> <FONT size="2" face="serif">Director</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Ram&oacute;n Bustamante y de la Mora</FONT>
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left> <FONT size="2" face="serif">Director</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Jos&eacute; Caparr&oacute;s Per&eacute;z</FONT>
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left> <FONT size="2" face="serif">Director</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Alfonso Cortina</FONT>
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left> <FONT size="2" face="serif">Director</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Juan Entrecanales Azcarate</FONT>
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left> <FONT size="2" face="serif">Director</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Oscar Fanjul Mart&iacute;n</FONT>
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left> <FONT size="2" face="serif">Director</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Ignacio Ferrero Jordi</FONT>
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left>
      <FONT size="2" face="serif">Director</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Javier G&aacute;lvez Montes</FONT>
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=14% align=left> <FONT size="2" face="serif">Director</FONT>
        </TD>
    <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=40% align=left> <FONT size="2" face="serif">Ram&oacute;n de Icaca Zab&aacute;lburu</FONT> </TD>
  <TD width=6%>&nbsp; </TD>
  <TD width=14% align=left> <FONT size="2" face="serif">Director</FONT> </TD>
  <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=40% align=left> <FONT size="2" face="serif">Luis Lezama Leguizamon</FONT> </TD>
  <TD width=6%>&nbsp; </TD>
  <TD width=14% align=left> <FONT size="2" face="serif">Director</FONT> </TD>
  <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=40% align=left> <FONT size="2" face="serif">Jos&eacute; Llado Fern&aacute;ndez
    Urrutia</FONT> </TD>
  <TD width=6%>&nbsp; </TD>
  <TD width=14% align=left> <FONT size="2" face="serif">Director</FONT> </TD>
  <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=40% align=left> <FONT size="2" face="serif">Jos&eacute; Maldonado
    Ramos</FONT> </TD>
  <TD width=6%>&nbsp; </TD>
  <TD width=14% align=left> <FONT size="2" face="serif">Secretary</FONT> </TD>
  <TD width=40% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=40% align=left> <FONT size="2" face="serif">Gregorio Mara&ntilde;&oacute;n y Bertr&aacute;n
      de Lis</FONT> </TD>
  <TD width=6%>&nbsp; </TD>
  <TD width=14% align=left> <FONT size="2" face="serif">Director</FONT> </TD>
  <TD width=40% align=left>&nbsp;</TD>
</TR>
</TABLE>
<p align="center"><FONT size="2" face="serif">7 of 8</FONT></p>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<div align="center">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><FONT size="2" face="serif">Enrique Medina Fern&aacute;ndez</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT size="2" face="serif">Director</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=44% align=left> <FONT size="2" face="serif">Ricardo Muguruza Garteiz</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=54% align=left> <FONT size="2" face="serif">Director</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=44% align=left> <FONT size="2" face="serif">Antonio Patr&oacute;n
    Pedrera</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=54% align=left> <FONT size="2" face="serif">Director</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=44% align=left> <FONT size="2" face="serif">Alejandro Royo-Villanova
    Pay&aacute;</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=54% align=left> <FONT size="2" face="serif">Director</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=44% align=left> <FONT size="2" face="serif">Jos&eacute; Mar&iacute;a San
        Martin Espin&oacute;s</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=54% align=left> <FONT size="2" face="serif">Director</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=44% align=left> <FONT size="2" face="serif">Jos&eacute; Angel Sanchez
        Asia&iacute;n</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=54% align=left> <FONT size="2" face="serif">Director</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=44% align=left> <FONT size="2" face="serif">Jaume Tom&aacute;s
    Sabat&eacute;</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=54% align=left> <FONT size="2" face="serif">Director</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=44% align=left> <FONT size="2" face="serif">Juan Urrutia Elejalde</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=54% align=left> <FONT size="2" face="serif">Director</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=44% align=left> <FONT size="2" face="serif">Andres Vilarni&ntilde;o
    Maura</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=54% align=left> <FONT size="2" face="serif">Director</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=44% align=left> <FONT size="2" face="serif">Fernando de Ybarra Lopez-D.</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=54% align=left> <FONT size="2" face="serif">Director</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=44% align=left> <FONT size="2" face="serif">Luis Mar&iacute;a de
        Ybarra y Zubiria</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=54% align=left> <FONT size="2" face="serif">Director</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD colspan="3"> <font size="2" face="serif"><U>Executive Officers (who are not directors)</U></font></TD>
  </TR>
</TABLE></div>
 <br>

  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD width=40% align=left> <font size="2" face="serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<U>Name</U> </font></TD>
      <TD width=6%>&nbsp; </TD>
      <TD width=14% align=left> <font size="2" face="serif"><U>Principal Occupation</U> </font></TD>
      <TD width=40% align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=40% align=left> <FONT size="2" face="serif">Jos&eacute; Mar&iacute;a Abril
          P&eacute;rez</FONT> </TD>
      <TD width=6%>&nbsp; </TD>
      <TD width=14% align=left> <FONT size="2" face="serif">General Manager</FONT> </TD>
      <TD width=40% align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=40% align=left> <FONT size="2" face="serif">Luis Bastida Ibarguen</FONT> </TD>
      <TD width=6%>&nbsp; </TD>
      <TD width=14% align=left> <FONT size="2" face="serif">General Manager</FONT> </TD>
      <TD width=40% align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=40% align=left> <FONT size="2" face="serif">Jos&eacute; Luis
          Carranza Ortiz</FONT> </TD>
      <TD width=6%>&nbsp; </TD>
      <TD width=14% align=left> <FONT size="2" face="serif">General Manager</FONT> </TD>
      <TD width=40% align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=40% align=left> <FONT size="2" face="serif">Javier Echenique Landiribar</FONT> </TD>
      <TD width=6%>&nbsp; </TD>
      <TD width=14% align=left> <FONT size="2" face="serif">General Manager</FONT> </TD>
      <TD width=40% align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=40% align=left> <FONT size="2" face="serif">Mario Fern&aacute;ndez
      Pelaz</FONT> </TD>
      <TD width=6%>&nbsp; </TD>
      <TD width=14% align=left> <FONT size="2" face="serif">General Manager</FONT> </TD>
      <TD width=40% align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=40% align=left> <FONT size="2" face="serif">Jos&eacute; Antonio
          Fernandez Rivero</FONT> </TD>
      <TD width=6%>&nbsp; </TD>
      <TD width=14% align=left> <FONT size="2" face="serif">General Manager</FONT> </TD>
      <TD width=40% align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=40% align=left> <FONT size="2" face="serif">Jos&eacute; Fonollosa Garc&iacute;a</FONT> </TD>
      <TD width=6%>&nbsp; </TD>
      <TD width=14% align=left> <FONT size="2" face="serif">General Manager</FONT> </TD>
      <TD width=40% align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=40% align=left> <FONT size="2" face="serif">Jos&eacute; Igancio
          Goirigolzarri Tellaeche</FONT> </TD>
      <TD width=6%>&nbsp; </TD>
      <TD width=14% align=left> <FONT size="2" face="serif">General Manager</FONT> </TD>
      <TD width=40% align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=40% align=left> <FONT size="2" face="serif">Jos&eacute; Ram&oacute;n
          Guerediaga Mendiola</FONT> </TD>
      <TD width=6%>&nbsp; </TD>
      <TD width=14% align=left> <FONT size="2" face="serif">General Manager</FONT> </TD>
      <TD width=40% align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=40% align=left> <FONT size="2" face="serif">Manuel M&eacute;ndez del R&iacute;o</FONT> </TD>
      <TD width=6%>&nbsp; </TD>
      <TD width=14% align=left> <FONT size="2" face="serif">General Manager</FONT> </TD>
      <TD width=40% align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=40% align=left> <FONT size="2" face="serif">Federico Out&oacute;n
          del Moral</FONT> </TD>
      <TD width=6%>&nbsp; </TD>
      <TD width=14% align=left> <FONT size="2" face="serif">General Manager</FONT> </TD>
      <TD width=40% align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=40% align=left> <FONT size="2" face="serif">Gonzalo Trreros Ceballos</FONT> </TD>
      <TD width=6%>&nbsp; </TD>
      <TD width=14% align=left> <FONT size="2" face="serif">General Manager</FONT> </TD>
      <TD width=40% align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=40% align=left> <FONT size="2" face="serif">Gregorio Villalabeitia Galarraga</FONT> </TD>
      <TD width=6%>&nbsp; </TD>
      <TD width=14% align=left> <FONT size="2" face="serif">General Manager</FONT> </TD>
      <TD width=40% align=left>&nbsp;</TD>
    </TR>
  </TABLE>

<p align="center"><FONT size="2" face="serif">8 of 8</FONT></p>
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<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>9
<FILENAME>dp03050_ex08.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE></TITLE>
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<div align="center">
     <p align="right"><strong><font size="2" face="serif">Exhibit 8 </font></strong></p>
     <p><FONT face="serif">UNITED STATES</FONT><BR>
          <FONT face="serif">SECURITIES AND EXCHANGE<br>
          COMMISSION</FONT><BR>
          <FONT size="2" face="serif">Washington, D.C. 20549</FONT></p>
     <table width="100%"  border="0" cellspacing="0" cellpadding="0">
       <tr>
         <td><hr align="center" width="10%" size="1" noshade></td>
       </tr>
     </table>
     <p><FONT face="serif">SCHEDULE 13D<br>
     </FONT><FONT size="2" face="serif">Under the Securities Exchange Act of 1934</FONT><BR>
     <FONT size="2" face="serif">(Amendment No. 7 </FONT><FONT face="serif">)</FONT></p>
     <p><FONT face="serif">BANCO
                              FRANC&Eacute;S DEL RIO DE LA<br>
     PLATA, S.A.</FONT><BR>
          <FONT size="2" face="serif">(Name of Issuer)</FONT></p>
     <p><FONT face="serif">ORDINARY SHARES</FONT><BR>
          <FONT face="serif">Ps.1 NOMINAL VALUE</FONT><BR>
          <FONT size="2" face="serif">(Title of Class of Securities)</FONT></p>
     <table width="100%"  border="0" cellpadding="0" cellspacing="0">
       <tr>
         <td><hr align="center" width="10%" size="1" noshade></td>
       </tr>
     </table>
     <p><FONT face="serif">05959110</FONT><BR>
     <FONT face="serif">(CUSIP Number)</FONT></p>
<p>RAUL SANTORO<FONT face="serif"><br>
  Authorized Representative of Banco<br>
          Bilbao Vizcaya Argentaria, S.A.</FONT><BR>
          <FONT face="serif">1345 Avenue of the Americas,<br>
          45<sup>th</sup> Floor          <br>
          New York, New York 10105</FONT><BR>
          <FONT face="serif">(212) 728-1500<br>
          </FONT><BR>
          <FONT size="2" face="serif">(Name, Address and Telephone Number of<BR>
          Person Authorized to Receive Notices<BR>
     and Communications)</FONT></p>
     <p><FONT face="serif">March 1, 2000 - November 30, 2000</FONT><BR>
          <FONT size="2" face="serif">(Date of Event which Requires Filing of</FONT>           <FONT size="2" face="serif">this
          Statement)</FONT></p>
     <table width="100%"  border="0" cellpadding="0" cellspacing="0">
       <tr>
         <td><hr align="center" width="10%" size="1" noshade></td>
       </tr>
     </table>
     <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this statement because of Rule 13d-1(b)(3) or
(4), check the following: [ ].</FONT></p>
</div>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the following box if a fee is being paid with this statement: [ ].</FONT></P>
<P align="center">&nbsp;</P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<div align=center>

             <table width="90%" border="0" cellspacing="0" cellpadding="10">
                  <tr>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="left" valign="middle"><font size="2" face="Times New Roman, Times, serif">CUSIP
                                      No. </font><FONT face="serif">879382</FONT></td>
                       <td width="34%" align="center" valign="middle"><font size="3" face="Times New Roman, Times, serif"><strong>SCHEDULE
                             13D</strong></font></td>
                       <td style="border-color: #000000; border-top-style: solid; Border-top-Width: 1.0pt;
border-bottom-style: solid; Border-bottom-Width: 1.0pt; Border-left-Width: 1.0pt; border-left-style: solid; Border-right-Width: 1.0pt; border-right-style: solid"width="28%" align="center" valign="middle"> <font size="2" face="Times New Roman, Times, serif">Page
                                      2 of 6 Pages</font></td>
                  </tr>
             </table>

        <br>

             <table width="90%" border="1" cellpadding="5" cellspacing="0" bordercolor="#000000">
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">1</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">NAME
                                 OF REPORTING PERSONS<br>
                    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>
                    <br>
                       </font><font size="2"><FONT face="serif">Banco Bilbao
                       Vizcaya Argentaria, S.A.</FONT></font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">2</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 THE APPROPRIATE BOX IF A MEMBER OF A GROUP</font>*
                                 <div align=right><font size="2" face="Times New Roman, Times, serif">(a)</font>&nbsp;<font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <font size="2" face="Times New Roman, Times, serif">(b)</font>&nbsp;<font size=2 face=wingdings>x</font>&nbsp;</div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">3</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SEC
                                 USE ONLY</font><br>
                                 <br>                    </td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">4</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">SOURCE
                                 OF FUNDS</font><FONT face="serif">*</FONT><font size="2" face="Times New Roman, Times, serif"><br>
                                      <br>
                                 </font><font size=2 face="serif">WC</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">5</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                                 PURSUANT TO ITEM 2(d) or 2(e)</font>
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">6</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">CITIZENSHIP
                                 OR PLACE OF ORGANIZATION<br>
                                      <br>
                       </font><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingdom of Spain </font></td>
                  </tr>
                  <tr>
                       <td colspan="2" rowspan="4" align="center" valign="middle"><font size="2" face="Times New Roman, Times, serif">NUMBER
                                 OF SHARES<br>
                    BENEFICIALLY OWNED BY
                    EACH <br>
                    REPORTING PERSON
                    WITH </font></td>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">7</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 VOTING POWER<br>
                                      <br>
                       </font><font size=2 face="serif">143,060,294 Ordinary
                       Shares</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">8</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 VOTING POWER<br>
                                      <br>
                       </font><font size=2 face="serif">Not applicable</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">9</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SOLE
                                 DISPOSITIVE POWER<br>
                                      <br>
                       </font><font size=2 face="serif">143,060,294 Ordinary
                       Shares</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">10</font></td>
                       <td width="59%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">SHARED
                                 DISPOSITIVE POWER<br>
                                      <br>
                       </font><font size=2 face="serif">Not applicable.</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">11</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">AGGREGATE
                                 AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
                                 PERSON<br>
                                      <br>
                       </font><font size=2 face="serif">143,060,294 Ordinary
                       Shares</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">12</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">CHECK
                                 BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                                 CERTAIN SHARES</font>*
                                 <div align=right><font size=2 face=wingdings>o</font>&nbsp;<br>
                                           <br>
                            </div></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">13</font></td>
                       <td colspan="3" align="left"><font size="2" face="Times New Roman, Times, serif">PERCENT
                                 OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>
                                      <br>
                       </font><font size=2 face="serif">68.24%</font></td>
                  </tr>
                  <tr>
                       <td width="4%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">14</font></td>
                       <td colspan="3" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">TYPE
                                 OF REPORTING PERSON*<br>
                                      <br>
                       </font><font size="2" face="serif">BK</font></td>
                  </tr>
             </table>
             <p>
                 <font size=2 face="serif">*SEE INSTRUCTIONS BEFORE FILLING OUT!</font></p></div>
<p align="center"><FONT size="2" face="serif">2 of 6 </FONT> </p>
<p><FONT size="2" face="serif">SEC 1746
          (9-88) </FONT><br>
     <br>
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Banco Bilbao Vizcaya Argentaria, S.A., a Spanish corporation (&#147;BBVA&#148;) hereby amends its Report on Schedule 13D, originally filed on October 17, 1996 (the &#147;Schedule 13D&#148;), as
amended by Amendment No. 1 filed on December 23, 1996, Amendment No. 2 filed on January 24, 1997, Amendment No. 3 filed on April 30, 1997, Amendment No. 4 filed on November 21, 1997, Amendment No. 5 filed on January 22, 1998, and Amendment No. 6
filed on February 24, 2000, with respect to the purchase of Ordinary Shares, Ps. 1 nominal value per share (the &#147;Ordinary Shares&#148;) of Banco Franc&eacute;s del Rio de la Plata S.A., an Argentine corporation (the &#147;Company&#148;). Terms
not otherwise defined herein have the meanings assigned to them in the Schedule 13D.</FONT></P>
<B><FONT size=2 face="serif">Item 3. Source and Amount of Funds or Other Consideration</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The response set forth in Item 3 of the Schedule 13D is hereby amended and supplemented by adding the following information at the end thereto:</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Since the most recent amendment to this 13D filed on February 24, 2000, BBVA acquired through open market purchases an additional 5,522,270 Ordinary Shares representing an additional 2.63% of
the Company. These acquisitions were funded with internally generated funds.</FONT></P>
<B><FONT size=2 face="serif">Item 5. Interest in Securities of the Issuer.</FONT></B><P>
<FONT size=2 face="serif">The response set forth in Item 5(a) of the Schedule 13D is hereby amended to read:</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As a result of its acquisition of Ordinary Shares of the Company through open market transactions, BBVA beneficially owns, for the purpose of Rule 13d-3 promulgated under the Securities
Exchange Act of 1934, as amended, approximately 143,060,294 Ordinary Shares, representing approximately 68.24% of the outstanding equity of the Company.</FONT></P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Except as set forth
in this Item 5(a), none of BBVA or any other person controlling BBVA beneficially
owns any Shares.</FONT></P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The response set forth
in Item 5(b) of the Schedule 13D is hereby amended to read:</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As a result of the transactions described above, BBVA may be deemed pursuant to Rule 13d-3 to have the power to vote or to direct the vote, or to dispose or direct the disposition of,
approximately 143,060,294 Ordinary Shares.</FONT></P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The response set forth
in Item 5(c) of the Schedule 13D is hereby amended to read:</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">During the past sixty days, BBVA purchased an aggregate of 2,304,453 Ordinary Shares of the Company in the open market. The price per share for these Ordinary Shares was US$6.692.</FONT></P>
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  <B><FONT size=2 face="serif">SIGNATURE</FONT></B></div>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">After reasonable inquiry and to the best knowledge and belief of the undersigned, the undersigned certifies that the information set forth in this statement is true, complete and
correct.</FONT></P>
<FONT size=2 face="serif">Date: December 22, 2000</FONT><TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
  <TD colspan="3" align=left>
    <FONT size=2 face="serif">BANCO BILBAO VIZCAYA ARGENTARIA, S.A.</FONT>      </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
  <TD width=3% align=left><font size=2 face="serif">By:</font></TD>
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=47% align=left><FONT size=2 face="serif">/s/ Ra&uacute;l Santoro</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><hr align="left" width="65%" size="1" noshade></TD>
  </TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
  <TD width=3% align=left>&nbsp;</TD>
  <TD width=5% align=left><font size=2 face="serif">Name:</font></TD>
        <TD width=47% align=left> <FONT size=2 face="serif"> Ra&uacute;l Santoro</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
  <TD width=3% align=left>&nbsp;</TD>
  <TD width=5% align=left><font size=2 face="serif">Title:</font></TD>
        <TD width=47% align=left> <FONT size=2 face="serif"> Authorized Representative</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=45% align=center>&nbsp;</TD>
  <TD width=3% align=center>&nbsp;</TD>
  <TD width=5% align=center>&nbsp;</TD>
        <TD width=47% align=left>
<FONT size=2 face="serif">Banco Bilbao Vizcaya Argentaria, S.A.</FONT>
        </TD>
</TR>
</TABLE>
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    <FONT size="2" face="serif">4 of 6</FONT><br>
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  <br>

  <B><FONT size=2 face="serif">Schedule A</FONT></B></p>
<p align="center"><B><FONT size=2 face="serif">DIRECTORS AND EXECUTIVE OFFICERS OF</FONT></B><BR>
  <B><FONT size=2 face="serif">BANCO BILBAO VIZCAYA ARGENTARIA, S.A.</FONT></B></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The name and present principal occupation or employment of each of the directors and executive officers of Banco Bilbao Vizcaya Argentaria, S.A. are set forth below. All of the Directors and
Executive Officers are citizens of Spain. The registered business address of each of the persons listed below is Plaza de San Nicolas 4, 48005 Bilbao, Spain.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<U><FONT size=2 face="serif">Directors</FONT></U>
        </TD>
        <TD width=60% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<U><FONT size=2 face="serif">Name</FONT></U>
        </TD>
        <TD width=60% align=left>
<U><FONT size=2 face="serif">Principal Occupation</FONT></U>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Emilio de Ybarra y Churruca</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">President</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Francisco Gonz&aacute;lez Rodrigu&eacute;z</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">President</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Pedro Luis Uriarte Santamarina</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Vice President</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Gervasio Collar Zabaleta</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Vice President</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Jos&eacute; Domingo Ampuero</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Vice President</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Jes&uacute;s Mar&iacute;a Cainzos Fern&aacute;ndez</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Eduardo Aguirre y Alonso Allende</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Juan Carlos &Aacute;lvarez Mezquiriz</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Pl&aacute;cido Arango Arias</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Francisco Javier Aresti y Victoria de Lecea</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Ram&oacute;n Bustamante y de la Mora</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Jos&eacute; Caparr&oacute;s Per&eacute;z</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Alfonso Cortina</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Juan Entrecanales Azcarate</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Oscar Fanjul Mart&iacute;n</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Ignacio Ferrero Jordi</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Javier G&aacute;lvez Montes</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Ram&oacute;n de Icaca Zab&aacute;lburu</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Luis Lezama Leguizamon</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Jos&eacute; Llado Fern&aacute;ndez Urrutia</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Jos&eacute; Maldonado Ramos</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Secretary</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Gregorio Mara&ntilde;&oacute;n y Bertr&aacute;n de Lis</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Enrique Medina Fern&aacute;ndez</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Ricardo Muguruza Garteiz</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Antonio Patr&oacute;n Pedrera</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Alejandro Royo-Villanova Pay&aacute;</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Jos&eacute; Mar&iacute;a San Martin Espin&oacute;s</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Jaume Tom&aacute;s Sabat&eacute;</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Juan Urrutia Elejalde</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Andres Vilarni&ntilde;o Maura</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Fernando de Ybarra Lopez-D.</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Luis Mar&iacute;a de Ybarra y Zubiria</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
</TR>
</TABLE>
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<FONT size="2" face="serif">5 of 6</FONT></P>

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<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=40% align=left>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<U><FONT size=2 face="serif">Executive Officers (who are not directors)</FONT></U>
        </TD>
        <TD width=60% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<U><FONT size=2 face="serif">Name</FONT></U>
        </TD>
        <TD width=60% align=left>
<U><FONT size=2 face="serif">Principal Occupation</FONT></U>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Jos&eacute; Mar&iacute;a Abril P&eacute;rez</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">General Manager</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Luis Bastida Ibarguen</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">General Manager</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Jos&eacute; Luis Carranza Ortiz</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">General Manager</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Javier Echenique Landiribar</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">General Manager</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Mario Fern&aacute;ndez Pelaz</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">General Manager</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Jos&eacute; Antonio Fernandez Rivero</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">General Manager</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Jos&eacute; Fonollosa Garc&iacute;a</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">General Manager</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Jos&eacute; Igancio Goirigolzarri Tellaeche</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">General Manager</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Jos&eacute; Ram&oacute;n Guerediaga Mendiola</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">General Manager</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Manuel M&eacute;ndez del R&iacute;o</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">General Manager</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Federico Out&oacute;n del Moral</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">General Manager</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Gonzalo Terreros Ceballos</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">General Manager</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Gregorio Villalabeitia Galarraga</FONT>
        </TD>
        <TD width=60% align=left>
<FONT size=2 face="serif">General Manager</FONT>
        </TD>
</TR>
</TABLE>
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