Exhibit 21

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

CONSOLIDATED SUBSDIARIES

			% of Voting Rights Controlled by the Bank
Company	Location	Activity	Direct	Indirect	Total
AAI HOLDINGS, INC.	UNITED STATES	NO ACTIVITY	-	100.00	100.00
ADMINISTRAD. DE FONDOS PARA EL RETIRO-BANCOMER, S.A. DE C.V.	MEXICO	PENSIONS	17.50	82.50	100.00
ADMINISTRADORA DE FONDOS DE PENSIONES PROVIDA(AFP PROVIDA)	CHILE	PENSIONS	12.70	51.62	64.32
AFP GENESIS ADMINISTRADORA DE FONDOS, S.A.	ECUADOR	PENSIONS	-	100.00	100.00
AFP HORIZONTE, S.A.	PERU	PENSIONS	24.85	75.15	100.00
AFP PREVISION BBV-ADM.DE FONDOS DE PENSIONES S.A.	BOLIVIA	PENSIONS	75.00	5.00	80.00
ALMACENADORA FINANCIERA PROVINCIAL. S.A.	VENEZUELA	SERVICES	-	100.00	100.00
ALMACENES GENERALES DE DEPOSITO, S.A.E. DE	SPAIN	PORTFOLIO	83.90	16.10	100.00
ALTITUDE INVESTMENTS LIMITED	UNITED KINGDOM	FINANCIAL SERV.	51.00	-	51.00
ALTURA MARKETS, A.V., S.A.	SPAIN	SECURITIES	50.00	-	50.00
ANIDA DESARROLLOS INMOBILIARIOS, S.L.	SPAIN	REAL ESTATE	-	100.00	100.00
ANIDA GERMANIA IMMOBILIEN ONE, GMBH	GERMANY	REAL EST. INSTR.	-	100.00	100.00
ANIDA GERMANIA IMMOBILIEN THREE, GMBH	GERMANY	REAL EST. INSTR.	-	100.00	100.00
ANIDA GERMANIA IMMOBILIEN TWO, GMBH	GERMANY	REAL EST. INSTR.	-	100.00	100.00
ANIDA GRUPO INMOBILIARIO, S.L.	SPAIN	PORTFOLIO	100.00	-	100.00
ANIDA INMOBILIARIA, S.A. DE C.V.	MEXICO	PORTFOLIO	-	100.00	100.00
ANIDA PROYECTOS INMOBILIARIOS, S.A. DE C.V.	MEXICO	REAL EST. INSTR.	-	100.00	100.00
ANIDA SERVICIOS INMOBILIARIOS, S.A. DE C.V.	MEXICO	REAL EST. INSTR.	-	100.00	100.00
APLICA SOLUCIONES ARGENTINAS, S.A.	ARGENTINA	SERVICES	-	100.00	100.00
APLICA SOLUCIONES GLOBALES, S.L.	SPAIN	SERVICES	94.98	5.02	100.00
APLICA TECNOLOGIA AVANZADA, S.A DE C.V.	MEXICO	SERVICES	100.00	-	100.00
APOYO MERCANTIL S.A. DE C.V.	MEXICO	SERVICES	-	100.00	100.00
ARAGON CAPITAL, S.L.	SPAIN	PORTFOLIO	99.90	0.10	100.00
ARGENTARIA SERVICIOS, S.A.	CHILE	SERVICES	100.00	-	100.00
ARIZONA FINANCIAL PRODUCTS, INC	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
ARIZONA KACHINA HOLDINGS, INC.	UNITED STATES	NO ACTIVITY	-	100.00	100.00
ASSUREX, S.A.	ARGENTINA	INSURANCE	87.50	12.50	100.00
ATREA HOMES IN SPAIN LTD	UNITED KINGDOM	NO ACTIVITY	-	100.00	100.00
ATREA INICIATIVAS RESIDENCIALES EN INTERNET, S.A.	SPAIN	SERVICES	-	100.00	100.00
ATUEL FIDEICOMISOS, S.A.	ARGENTINA	SERVICES	-	100.00	100.00
AUTOMERCANTIL-COMERCIO E ALUGER DE VEICULOS AUTOM., LDA.	PORTUGAL	SERVICES	-	100.00	100.00
BAHIA SUR RESORT, S.C.	SPAIN	NO ACTIVITY	99.95	-	99.95
BANCO BILBAO VIZCAYA ARGENTARIA (PANAMA), S.A.	PANAMA	BANKING	54.11	44.81	98.92
BANCO BILBAO VIZCAYA ARGENTARIA (PORTUGAL), S.A.	PORTUGAL	BANKING	9.52	90.48	100.00
BANCO BILBAO VIZCAYA ARGENTARIA CHILE, S.A.	CHILE	BANKING	58.36	9.81	68.17
BANCO BILBAO VIZCAYA ARGENTARIA PUERTO RICO	PUERTO RICO	BANKING	-	100.00	100.00
BANCO BILBAO VIZCAYA ARGENTARIA URUGUAY, S.A.	URUGUAY	BANKING	100.00	-	100.00
BANCO CONTINENTAL, S.A.	PERU	BANKING		92.08	92.08
BANCO DE CREDITO LOCAL, S.A.	SPAIN	BANKING	100.00	-	100.00
BANCO DE PROMOCION DE NEGOCIOS, S.A.	SPAIN	BANKING	-	99.82	99.82
BANCO DEPOSITARIO BBVA, S.A.	SPAIN	BANKING	-	100.00	100.00
BANCO INDUSTRIAL DE BILBAO, S.A.	SPAIN	BANKING	-	99.93	99.93
BANCO OCCIDENTAL, S.A.	SPAIN	BANKING	49.43	50.57	100.00
BANCO PROVINCIAL OVERSEAS N.V.	NETHERLANDS ANTILLES	BANKING	-	100.00	100.00
BANCO PROVINCIAL S.A. - BANCO UNIVERSAL	VENEZUELA	BANKING	1.85	53.75	55.60
BANCOMER FINANCIAL SERVICES INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
BANCOMER FOREIGN EXCHANGE INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
BANCOMER PAYMENT SERVICES INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
BANCOMER TRANSFER SERVICES, INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
BANKERS INVESTMENT SERVICES, INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
BBV AMERICA, S.L.	SPAIN	PORTFOLIO	100.00	-	100.00
BBV SECURITIES HOLDINGS, S.A.	SPAIN	PORTFOLIO	99.86	0.14	100.00
BBVA & PARTNERS ALTERNATIVE INVESTMENT A.V., S.A.	SPAIN	SECURITIES	70.00	-	70.00
BBVA ADMINISTRADORA GENERAL DE FONDOS S.A.	CHILE	FINANCIAL SERV.	-	100.00	100.00
BBVA AMERICA FINANCE, S.A.	SPAIN	FINANCIAL SERV.	100.00	-	100.00
BBVA ASESORIAS FINANCIERAS, S.A.	CHILE	FINANCIAL SERV.	-	98.60	98.60
BBVA BANCO DE FINANCIACION S.A.	SPAIN	BANKING	-	100.00	100.00
BBVA BANCO FRANCES, S.A.	ARGENTINA	BANKING	45.65	30.41	76.06
BBVA BANCOMER ASSET MANAGEMENT INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
BBVA BANCOMER FINANCIAL HOLDINGS, INC.	UNITED STATES	PORTFOLIO	-	100.00	100.00
BBVA BANCOMER GESTION, S.A. DE C.V.	MEXICO	FINANCIAL SERV.	-	99.99	99.99
BBVA BANCOMER HOLDINGS CORPORATION	UNITED STATES	PORTFOLIO	-	100.00	100.00
BBVA BANCOMER OPERADORA, S.A. DE C.V.	MEXICO	SERVICES	-	100.00	100.00

1

			% of Voting Rights Controlled by the Bank
Company	Location	Activity	Direct	Indirect	Total

BBVA BANCOMER SERVICIOS ADMINISTRATIVOS, S.A. DE C.V.	MEXICO	FINANCIAL SERV.	-	100.00	100.00
BBVA BANCOMER SERVICIOS, S.A.	MEXICO	BANKING	-	100.00	100.00
BBVA BANCOMER USA	UNITED STATES	BANKING	-	100.00	100.00
BBVA BANCOMER, S.A. DE C.V.	MEXICO	BANKING	-	100.00	100.00
BBVA BROKER, CORREDURIA DE SEGUROS Y REASEGUROS, S.A.	SPAIN	SERVICES	99.94	0.06	100.00
BBVA CAPITAL FINANCE, S.A.	SPAIN	FINANCIAL SERV.	100.00	-	100.00
BBVA CAPITAL FUNDING, LTD.	CAYMAN ISLANDS	FINANCIAL SERV.	100.00	-	100.00
BBVA CARTERA DE INVERSIONES, SICAV, S.A.	SPAIN	VARIABLE CAPITAL	100.00	-	100.00
BBVA COLOMBIA, S.A.	COLOMBIA	BANKING	76.20	19.23	95.43
BBVA COMERCIALIZADORA LTDA.	CHILE	SERVICES	-	100.00	100.00
BBVA CONSOLIDAR SALUD S.A.	ARGENTINA	INSURANCE	15.35	84.65	100.00
BBVA CONSOLIDAR SEGUROS, S.A.	ARGENTINA	INSURANCE	87.78	12.22	100.00
BBVA CORREDORA TECNICA DE SEGUROS BHIF LTDA.	CHILE	SERVICES	-	100.00	100.00
BBVA CORREDORES DE BOLSA, S.A.	CHILE	SECURITIES	-	100.00	100.00
BBVA DINERO EXPRESS, S.A.U	SPAIN	FINANCIAL SERV.	100.00	-	100.00
BBVA E-COMMERCE, S.A.	SPAIN	SERVICES	100.00	-	100.0
BBVA FACTORING E.F.C., S.A.	SPAIN	FINANCIAL SERV.	-	100.00	100.00
BBVA FACTORING LIMITADA	CHILE	FINANCIAL SERV.	-	100.00	100.00
BBVA FIDUCIARIA, S.A.	COLOMBIA	FINANCIAL SERV.	-	99.99	99.99
BBVA FINANCE (UK), LTD.	UNITED KINGDOM	FINANCIAL SERV.	-	100.00	100.00
BBVA FINANCE SPA.	ITALY	FINANCIAL SERV.	100.00	-	100.00
BBVA FINANCIAMIENTO AUTOMOTRIZ, S.A.	CHILE	PORTFOLIO	-	100.00	100.00
BBVA FINANZIA, S.P.A	ITALY	FINANCIAL SERV.	50.00	50.00	100.00
BBVA FUNDOS, S.G. DE FUNDOS DE PENSOES, S.A.	PORTUGAL	FINANCIAL SERV.	-	100.00	100.00
BBVA GEST, S.G. DE FUNDOS DE INVESTIMENTO MOBILIARIO, S.A.	PORTUGAL	FINANCIAL SERV.		100.00	100.00
BBVA GESTION, SOCIEDAD ANONIMA, SGIIC	SPAIN	FINANCIAL SERV.	17.00	83.00	100.00
BBVA GLOBAL FINANCE LTD.	CAYMAN ISLANDS	FINANCIAL SERV.	100.00	-	100.00
BBVA HORIZONTE PENSIONES Y CESANTIAS, S.A.	COLOMBIA	PENSIONS	78.52	21.43	99.95
BBVA INMOBILIARIA E INVERSIONES S.A.	CHILE	REAL EST. INSTR.	-	68.11	68.11
BBVA INSERVEX, S.A.	SPAIN	SERVICES	100.00	-	100.00
BBVA INSTITUIÇAO FINANCEI. CREDITO, S.A.	PORTUGAL	FINANCIAL SERV.	-	100.00	100.00
BBVA INTERNATIONAL INVESTMENT CORPORATION	PUERTO RICO	FINANCIAL SERV.	100.00	-	100.00
BBVA INTERNATIONAL LIMITED	CAYMAN ISLANDS	FINANCIAL SERV.	100.00	-	100.00
BBVA INTERNATIONAL PREFERRED, S.A.U.	SPAIN	FINANCIAL SERV.	100.00	-	100.00
BBVA INVERSIONES CHILE, S.A.	CHILE	PENSIONS	33.31	66.69	100.00
BBVA INVESTMENTS, INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
BBVA IRELAND PUBLIC LIMITED COMPANY	IRELAND	FINANCIAL SERV.	100.00	-	100.00
BBVA LEASIMO - SOCIEDADE DE LOCACAO FINANCEIRA, S.A.	PORTUGAL	FINANCIAL SERV.	-	100.00	100.00
BBVA LUXINVEST, S.A.	LUXEMBOURG	PORTFOLIO	36.00	64.00	100.00
BBVA NOMINEES LIMITED	UNITED KINGDOM	SERVICES	100.00	-	100.00
BBVA PARAGUAY, S.A.	PARAGUAY	BANKING	99.99	-	99.99
BBVA PARTICIPACIONES INTERNACIONAL, S.L.	SPAIN	PORTFOLIO	92.69	7.31	100.00
BBVA PATRIMONIOS GESTORA SGIIC, S.A.	SPAIN	FINANCIAL SERV.	99.98	0.02	100.00
BBVA PENSIONES, SA, ENTIDAD GESTORA DE FONDOS DE PENSIONES	SPAIN	PENSIONS	100.00	-	100.00
BBVA PLANIFICACION PATRIMONIAL, S.L.	SPAIN	FINANCIAL SERV.	80.00	20.00	100.00
BBVA PRIVANZA (JERSEY), LTD.	CHANNEL ISLANDS	NO ACTIVITY	-	100.00	100.00
BBVA PUERTO RICO HOLDING CORPORATION	PUERTO RICO	PORTFOLIO	100.00	-	100.00
BBVA RE LIMITED	IRELAND	INSURANCE	-	100.00	100.00
BBVA RENTING, S.A.	SPAIN	FINANCIAL SERV.	-	100.00	100.00
BBVA RENTING, SPA	ITALY	SERVICES	-	100.00	100 00
BBVA RESEARCH, S.A.	SPAIN	FINANCIAL SERV.	99.99	0.01	100.00
BBVA SECURITIES HOLDINGS (UK) LIMITED	UNITED KINGDOM	NO ACTIVITY	-	100.00	100.00
BBVA SECURITIES INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
BBVA SECURITIES LTD.	UNITED KINGDOM	NO ACTIVITY	-	100.00	100.00
BBVA SECURITIES OF PUERTO RICO, INC.	PUERTO RICO	FINANCIAL SERV.	100.00	-	100.00
BBVA SEGUROS COLOMBIA, S.A.	COLOMBIA	INSURANCE	94.00	6.00	100.00
BBVA SEGUROS DE VIDA COLOMBIA, S.A.	COLOMBIA	INSURANCE	94.00	6.00	100.00
BBVA SEGUROS DE VIDA, S.A.	CHILE	INSURANCE	-	100.00	100.00
BEVA SEGUROS INC.	PUERTO RICO	SERVICES	-	100.00	100.00
BBVA SEGUROS, S.A.	SPAIN	INSURANCE	94.30	5.64	99.94
BBVA SENIOR FINANCE, S.A.U.	SPAIN	FINANCIAL SERV.	100.00	-	100.00
BBVA SERVICIOS, S.A.	SPAIN	SERVICES	-	100.00	100.00
BBVA SOCIEDAD LEASING HABITACIONAL BHIF	CHILE	FINANCIAL SERV.	-	97.48	97.48
BBVA SUBORDINATED CAPITAL S.A.U.	SPAIN	FINANCIAL SERV.	100.00	-	100.00
BBVA SUIZA, S.A. (BBVA SWITZERLAND)	SUIZA	BANKING	39.72	60.28	100.00
BBVA TRADE, S.A.	SPAIN	SERVICES	-	100.00	100.00
BBVA U.S. SENIOR S.A.U.	SPAIN	FINANCIAL SERV.	100.00	-	100.00
BBVA USA BANCSHARES, INC	UNITED STATES	PORTFOLIO	100.00	-	100.00
BBVA USA, INC.	UNITED STATES	SERVICES	-	100.00	100.00

2

			% of Voting Rights Controlled by the Bank
Company	Location	Activity	Direct	Indirect	Total

BBVA VALORES COLOMBIA, S.A. COMISIONISTA DE BOLSA	COLOMBIA	SECURITIES	-	100.00	100.00
BCL INTERNATIONAL FINANCE, LTD.	CAYMAN ISLANDS	FINANCIAL SERV.	-	100.00	100.00
BEX AMERICA FINANCE INCORPORATED	UNITED STATES	NO ACTIVITY	100.00	-	100.00
BEXCARTERA, SICAV S.A.	SPAIN	NO ACTIVITY	-	80.78	80.78
BIBJ MANAGEMENT, LTD.	CHANNEL ISLANDS	NO ACTIVITY	-	100.00	100.00
BIBJ NOMINEES, LTD.	CHANNEL ISLANDS	NO ACTIVITY	-	100.00	100.00
BILBAO VIZCAYA AMERICA B.V.	NETHERLANDS	PORTFOLIO	-	100.00	100.00
BILBAO VIZCAYA HOLDING, S.A.	SPAIN	PORTFOLIO	89.00	11.00	100.00
BLUE INDIGO INVESTMENTS, S.L.	SPAIN	PORTFOLIO	99.99	0.01	100.00
BLUE VISTA PLATAFORMA DE EMISION DE NUEVOS MEDIOS, E.L.	SPAIN	SERVICES	-	70.00	70.00
BROOKLINE INVESTMENTS, S.L.	SPAIN	PORTFOLIO	100.00	-	100.00
C B TRANSPORT, INC.	UNITED STATES	SERVICES	-	100.00	100.00
CANAL COMPANY, LTD.	CHANNEL ISLANDS	NO ACTIVITY	-	100.00	100.00
CANAL INTERNATIONAL HOLDING (NETHERLANDS) BV.	NETHERLANDS	NO ACTIVITY	-	100.00	100.00
CAPITAL INVESTMENT COUNSEL, INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
CARTERA E INVERSIONES S.A. CIA DE	SPAIN	PORTFOLIO	100.00	-	100.00
CASA DE BOLSA BBVA BANCOMER, S.A. DE C.V.	MEXICO	FINANCIAL SERV.	-	100.00	100.00
CASA DE CAMBIO MULTIDIVISAS, S.A. DE C.V.	MEXICO	NO ACTIVITY	-	100.00	100.00
CENTRAL BANK OF THE SOUTH	UNITED STATES	BANKING	-	100.00	100.00
CIA. GLOBAL DE MANDATOS Y REPRESENTACIONES, S.A.	URUGUAY	NO ACTIVITY	-	100.00	100.00
CIDESSA DOS, S.L.	SPAIN	PORTFOLIO	-	100.00	100.00
CIDESSA UNO, S.L.	SPAIN	PORTFOLIO	-	100.00	100.00
CIERVANA, S.L.	SPAIN	PORTFOLIO	100.00	-	100.00
COMERCIALIZADORA CORPORATIVA SAC	PERU	FINANCIAL SERV.	-	99.99	99.99
COMPASS ARIZONA ACQUISITION, CORP.	UNITED STATES	NO ACTIVITY	-	100.00	100.00
COMPASS ASSET ACCEPTANCE COMPANY, LLC	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
COMPASS AUTO RECEIVABLES CORPORATION	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
COMPASS BANCSHARES, INC.	UNITED STATES	PORTFOLIO	-	100.00	100.00
COMPASS BANK	UNITED STATES	BANKING	-	100.00	100.00
COMPASS BROKERAGE, INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
COMPASS CAPITAL MARKETS, INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
COMPASS CONSULTING & BENEFITS, INC.	UNITED STATES	SERVICES	-	100.00	100.00
COMPASS CUSTODIAL SERVICES, INC.	UNITED STATES	NO ACTIVITY	-	100.00	100.00
COMPASS FIDUCIARY SERVICES, LTD., INC.	UNITED STATES	NO ACTIVITY	-	100.00	100.00
COMPASS FINANCIAL CORPORATION	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
COMPASS GP, INC.	UNITED STATES	PORTFOLIO	-	100.00	100.00
COMPASS INDEMNITY CORPORATION	UNITED STATES	SERVICES	-	100.00	100.00
COMPASS INSURANCE AGENCY, INC.	UNITED STATES	SERVICES	-	100.00	100.00
COMPASS INVESTMENTS, INC.	UNITED STATES	NO ACTIVITY	-	100.00	100.00
COMPASS LIMITED PARTNER, INC.	UNITED STATES	PORTFOLIO	-	100.00	100.00
COMPASS LOAN HOLDINGS TRS, INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
COMPASS MORTAGE CORPORATION	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
COMPASS MORTGAGE FINANCING, INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
COMPASS MULTISTATE SERVICES CORPORATION	UNITED STATES	SERVICES	-	100.00	100.00
COMPASS SECURITIES, INC.	UNITED STATES	NO ACTIVITY	-	100.00	100.00
COMPASS SOUTHWEST, LP	UNITED STATES	BANKING	-	100.00	100.00
COMPASS TEXAS ACQUISITION CORPORATION	UNITED STATES	PORTFOLIO	-	100.00	100.00
COMPASS TEXAS MORTGAGE FINANCING, INC	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
COMPASS TRUST I	UNITED STATES	NO ACTIVITY	-	100.00	100.00
COMPASS TRUST III	UNITED STATES	NO ACTIVITY	-	100.00	100.00
COMPASS UNDERWRITERS, INC.	UNITED STATES	INSURANCE	-	100.00	100.00
COMPASS WEALTH MANAGERS COMPANY	UNITED STATES	NO ACTIVITY	-	100.00	100.00
COMPAÑIA CHILENA DE INVERSIONES, S.L.	SPAIN	PORTFOLIO	100.00	-	100.00
CONSOLIDAR A.F.J.P., S.A.	ARGENTINA	PENSIONS	46.11	53.89	100.00
CONSOLIDAR ASEGURADORA DE RIESGOS DEL TRABAJO, S.A.	ARGENTINA	INSURANCE	87.50	12.50	100.00
CONSOLIDAR CIA. DE SEGUROS DE RETIRO, S.A.	ARGENTINA	INSURANCE	33.33	66.67	100.00
CONSOLIDAR CIA. DE SEGUROS DE VIDA, S.A.	ARGENTINA	INSURANCE	34.04	65.96	100.00
CONSOLIDAR COMERCIALIZADORA, S.A.	ARGENTINA	SERVICES	-	100.00	100.00
CONSULTORES DE PENSIONES BBV, S.A.	SPAIN	PENSIONS	-	100.00	100.00
CONTINENTAL BOLSA, SDAD. AGENTE DE BOLSA S.A.	PERU	SECURITIES	-	100.00	100.00
CONTINENTAL S.A. SOCIEDAD ADMINISTRADORA DE FONDOS	PERU	FINANCIAL SERV.	-	100.00	100.00
CONTINENTAL SOCIEDAD TITULIZADORA, S.A.	PERU	SERVICES	-	100.00	100.00
CONTRATACION DE PERSONAL, S.A. DE C.V.	MEXICO	SERVICES	-	100.00	100.00
CORPORACION DE ALIMENTACION Y BEBIDAS, S.A.	SPAIN	PORTFOLIO	-	100.00	100.00
CORPORACION GENERAL FINANCIERA, S.A.	SPAIN	PORTFOLIO	100.00	-	100.00
CORPORACION INDUSTRIAL Y DE SERVICIOS, S.L.	SPAIN	PORTFOLIO	-	100.00	100.00
DESARROLLADORA Y VENDEDORA DE CASAS, S.A. DE C.V.	MEXICO	REAL EST. INSTR.	-	100.00	100.00
DESARROLLO URBANISTICO DE CHAMARTIN, S.A.	SPAIN	REAL ESTATE	-	72.50	72.50
DESITEL TECNOLOGIA Y SISTEMAS, S.A. DE C.V.	MEXICO	SERVICES	-	100.00	100.00

3

			% of Voting Rights Controlled by the Bank
Company	Location	Activity	Direct	Indirect	Total

DEUSTO, S.A. DE INVERSION MOBILIARIA	SPAIN	PORTFOLIO	-	100.00	100.00
DINERO EXPRESS SERVICIOS GLOBALES, S.A.	SPAIN	FINANCIAL SERV.	100.00	-	100.00
EL ENCINAR METROPOLITANO, S.A.	SPAIN	REAL ESTATE	-	98.90	98.90
EL OASIS DE LAS RAMBLAS, S.L.	SPAIN	REAL ESTATE	-	70.00	70.00
ELANCHOVE, S.A.	SPAIN	PORTFOLIO	100.00	-	100.00
EMPRESA INSTANT CREDIT, C.A.	VENEZUELA	NO ACTIVITY	-	100.00	100.00
ESPANHOLA COMERCIAL E SERVIÇOS, LTDA.	BRAZIL	FINANCIAL SERV.	100.00	-	100.00
ESTACION DE AUTOBUSES CHAMARTIN, S.A.	SPAIN	SERVICES	-	51.00	51.00
EUROPEA DE TITUUZACION, S.A., SDAD.GEST.DE FDOS.DE TITUL.	SPAIN	FINANCIAL SERV.	82.97	0.00	82.97
EURORISK, S.A.	SPAIN	FINANCIAL SERV.	-	100.00	100.00
EXPLOTACIONES AGROPECUARIAS VALDELAYEGUA, S.A.	SPAIN	REAL ESTATE	-	100.00	100.00
FIDEICOMISO 29764-8 SOCIO LIQUIDADOR POSICION DE TERCEROS	MEXICO	FINANCIAL SERV.	-	100.00	100.00
FIDEICOMISO 474031 MANEJO GE GARANTIAS	MEXICO	SERVICES	-	100.00	100.00
FIDEICOMISO BBVA BANCOMER SERVICIOS N° F147433-8, S.A.	MEXICO	SERVICES	-	100.00	100.00
FIDEICOMISO INVEX 1° EMISION	MEXICO	FINANCIAL SERV.	-	100.00	100.00
FIDEICOMISO INVEX 228	MEXICO	FINANCIAL SERV.	-	100.00	100.00
FIDEICOMISO INVEX 367	MEXICO	FINANCIAL SERV.	-	100.00	100.00
FIDEICOMISO INVEX 393	MEXICO	FINANCIAL SERV.	-	100.00	100.00
FIDEICOMISO INVEX 411	MEXICO	FINANCIAL SERV.	-	100.00	100.00
FIDEICOMISO N°.402900-5 ADMINISTRACION DE INMUEBLES	MEXICO	SERVICES	-	100.00	100.00
FIDEICOMISO SOCIO LIIGUIDADOR DE OP.FINANC.DERIVADAS	MEXICO	FINANCIAL SERV.	-	100.00	100.00
FINANCEIRA DO COMERCIO EXTERIOR S.A.R.	PORTUGAL	NO ACTIVITY	100.00	-	100.00
FINANCIERA AYUDAMOS S.A. DE C.V., SOFOMER	MEMO	FINANCIAL SERV.	-	100.00	100.00
FINANCIERA ESPAÑOLA, S.A.	SPAIN	PORTFOLIO	85.35	14.15	100.00
FINANZIA AUTORENTING, S.A.	SPAIN	SERVICES	-	88.32	88.32
FINANZIA, BANCO DE CREDITO, S.A.	SPAIN	BANKING	-	100.00	100.00
FIRS TIER CORPORATION	UNITED STATES	NO ACTIVITY	-	100.00	100.00
FRANCES ADMINISTRADORA DE INVERSIONES, S.A. G.F.C.INVERS.	ARGENTINA	FINANCIAL SERV.	-	100.00	100.00
FRANCES VALORES SOCIEDAD DE BOLSA, S.A.	ARGENTINA	FINANCIAL SERV.	-	100.00	100.00
FUTURO FAMILIAR, S.A. DE C.V.	MEXICO	SERVICES	-	100.00	100.00
FW CAPITAL I	UNITED STATES	NO ACTIVITY	-	100.00	100.00
GENTE BBVA, S.A.	CHILE	FINANCIAL SERV.	-	100.00	100.00
GESTION DE PREVISION Y PENSIONES, S.A.	SPAIN	PENSIONS	60.00	-	60.00
GESTION Y ADMINISTRACION DE RECIBOS, S.A.	SPAIN	SERVICES	-	100.00	100.00
GOBERNALIA GLOBAL NET, S.A.	SPAIN	SERVICES	99.94	0.06	100.00
GRAN JORGE JUAN, S.A.	SPAIN	REAL ESTATE	100.00	-	100.00
GRANFIDUCIARIA	COLOMBIA	FINANCIAL SERV.	-	90.00	90.00
GRELAR GALICIA, S.A.	SPAIN	PORTFOLIO	-	100.00	100.00
GRUPO FINANCIERO BBVA BANCOMER, S.A. DE C.V.	MEXICO	FINANCIAL SERV.	48.97	51.00	99.97
HIPOTECARIA NACIONAL MEXICANA INCORPORATED	UNITED STATES	REAL EST. INSTR.	-	100.00	100.00
HIPOTECARIA NACIONAL., S.A. DE C.V.	MEXICO	FINANCIAL SERV.	-	100.00	100.00
HOLDING CONTINENTAL, S.A.	PERU	PORTFOLIO	50.00	-	50.00
HOLDING DE PARTICIPACIONES INDUSTRIALES 2000, S.A.	SPAIN	PORTFOLIO	-	100.00	100.00
HOMEOWNERS LOAN CORPORATION	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
HUMAN RESOURCES PROVIDER	UNITED STATES	SERVICES	-	100.00	100.00
HUMAN RESOURCES SUPPORT, INC	UNITED STATES	SERVICES	-	100.00	100.00
HYDROX HOLDINGS, INC.	UNITED STATES	NO ACTIVITY	-	100.00	100.00
IBERDROLA SERVICIOS FINANCIEROS, E.F.C., S.A.	SPAIN	FINANCIAL SERV.	-	84.00	84.00
IBERNEGOCIO DE TRADE, S.L.	SPAIN	SERVICES	-	100.00	100.00
INENSUR BRUNETE, S.L.	SPAIN	REAL ESTATE	-	100.00	100.00
INGENIERIA EMPRESARIAL MULTIBA, S.A. DE C.V.	MEXICO	SERVICES	-	99.99	99.99
INMOBILIARIA ASUDI, S.A.	SPAIN	REAL EST. INSTR.	-	100.00	100.00
INMOBILIARIA BILBAO, S.A.	SPAIN	REAL EST. INSTR.	-	100.00	100.00
INMUEBLES Y RECUPERACIONES CONTINENTAL, S.A.	PERU	REAL EST. INSTR.	-	100.00	100.00
INVERAHORRO, S.L.	SPAIN	PORTFOLIO	100.00	-	100.00
INVERSIONES ALDAMA, C.A.	VENEZUELA	NO ACTIVITY	-	100.00	100.00
INVERSIONES BANPRO INTERNATIONAL INC. N.V.	NETHERLANDS ANTILLES	PORTFOLIO	48.00	-	48.00
INVERSIONES BAPROBA, C.A.	VENEZUELA	SERVICES	100.00	-	100.00
INVERSIONES MOBILARIAS, S.L.	SPAIN	PORTFOLIO	100.00	-	100.00
INVERSIONES P.H.R.4, C.A.	VENEZUELA	NO ACTIVITY	-	60.46	60.46
INVERSIONES T, C.A.	VENEZUELA	NO ACTIVITY	-	100.00	100.00
INVERSORA OTAR, S.A.	ARGENTINA	PORTFOLIO	-	99.96	99.96
INVESCO MANAGEMENT N° 1, S.A.	LUXEMBOURG	FINANCIAL SERV.	-	99.99	99.99
INVESCO MANAGEMENT N° 2, S.A.	LUXEMBOURG	FINANCIAL SERV.	-	96.88	96.88
JARDINES DE SARRIENA, S.L	SPAIN	REAL ESTATE	-	85.00	85.00
LIQUIDITY ADVISORS, L.P.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
MAGGIORE FLEET, S.P.A.	ITALY	SERVICES	-	100.00	100.00
MARQUES DE CUBAS 21, S.L.	SPAIN	REAL ESTATE	100.00	-	100.00
MB CAPITAL I	UNITED STATES	NO ACTIVITY	-	100.00	100.00

4

			% of Voting Rights Controlled by the Bank
Company	Location	Activity	Direct	Indirect	Total

MEDITERRANIA DE PROMOCIONS 1 GESTIONS INMOBILIARIES, S.A.	SPAIN	NO ACTIVITY	-	100.00	100.00
MEGABANK FINANCIAL CORPORATION	UNITED STATES	NO ACTIVITY	-	100.00	100.00
MERCURY TRUST LIMITED	CAYMAN ISLANDS	FINANCIAL SERV.	-	100.00	100.00
MILANO GESTIONI, SRL.	ITALY	REAL EST. INSTR.	-	100.00	100.00
MIRADOR DE LA CARRASCOSA, S.L.	SPAIN	REAL ESTATE	-	55.90	55.90
MISAPRE, S.A. DE C.V.	MEXICO	FINANCIAL SERV.	-	100.00	100.00
MONESTERIO DESARROLLOS, S.L.	SPAIN	REAL ESTATE	-	100.00	100.00
MONTEALIAGA,S.A.	SPAIN	REAL ESTATE	-	100.00	100.00
MULTIASISTENCIA, S.A. DE C.V.	MEXICO	SERVICES	-	100.00	100.00
MULTIVAL, S.A.	SPAIN	PORTFOLIO	-	100.00	100.00
OCCIVAL, S.A.	SPAIN	NO ACTIVITY	100.00	-	100.00
OPCION VOLCAN, S.A.	MEXICO	REAL EST. INSTR.	-	100.00	100.90
OPPLUS OPERACIONES Y SERVICIOS, S.A.	SPAIN	SERVICES	100.00	-	100.00
PALADIN BROKERAGE SOLUTIONS, INC	UNITED STATES	SERVICES	-	100.00	100.00
PARTICIPACIONES ARENAL, S.L.	SPAIN	NO ACTIVITY	-	100.00	100.00
PENSIONES BANCOMER, S.A. DE C.V.	MEXICO	INSURANCE	-	100.00	100.00
PERI 5.1 SOCIEDAD LIMITADA	SPAIN	REAL ESTATE	-	54.99	54.99
PHOENIX LOAN HOLDINGS, INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
PI HOLDINGS NO. 3, INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
Pl HOLDINGS NO. 4, INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
PI HOLDINGS NO.1, INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
PORT ARTHUR ABSTRACT & TITLE COMPANY	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
PREMEXSA, S.A. DE C.V.	MEXICO	FINANCIAL SERV.	-	100.00	100.00
PREVENTIS, S.A.	MEXICO	INSURANCE	-	75.01	75.01
PRO-SALUD, C.A.	VENEZUELA	SERVICES	-	58.86	58.86
PROMOCION EMPRESARIAL XX, S.A.	SPAIN	FINANCIAL SERV.	100.00	-	100.00
PROMOTORA DE RECURSOS AGRARIOS, S.A.	SPAIN	SERVICES	100.00	-	100.00
PROMOTORA RESIDENCIAL GRAN EUROPA, S.L.	SPAIN	REAL ESTATE	-	58.50	58.50
PROVIDA INTERNACIONAL S.A.	CHILE	PENSIONS	-	100.00	100.00
PROVINCIAL DE VALORES CASA DE BALSA, C.A.	VENEZUELA	FINANCIAL SERV.	-	90.00	90.00
PROVINCIAL SDAD.ADMIN.DE ENTIDADES DE INV.COLECTIVA, C.A.	VENEZUELA	FINANCIAL SERV.	-	100.00	100.00
PROVIVIENDA, ENTIDAD RECAUDADORA Y ADMIN.DE APORTES, S.A.	BOLIVIA	PENSIONS	-	100.00	100.00
PROXIMA ALFA INVESTMENTS (IRELAND) LIMITED	IRELAND	FINANCIAL SERV.	-	100.00	100.00
PROXIMA ALFA INVESTMENTS (UK) LLP	UNITED KINGDOM	FINANCIAL SERV.	-	51.00	51.00
PROXIMA ALFA INVESTMENTS, SGIIC S.A.	SPAIN	FINANCIAL SERV.	51.00	-	51.00
PROXIMA ALFA SERVICES LTD.	UNITED KINGDOM	FINANCIAL SERV.	-	100.00	100.00
PROYECTO MUNDO AGUILON, S.L	SPAIN	REAL ESTATE	-	100.00	100.00
PROYECTOS EMPRESARIALES CAPITAL RIESGO 1,S.G.R.SIMP., S.A.	SPAIN	SDAD. CAPITAL RIESGO	100.00	-	100.00
PROYECTOS INDUSTRIALES CONJUNTOS, S.A. DE	SPAIN	PORTFOLIO	-	100.00	100.00
RESIDENCIAL CUMBRES DE SANTA FE, S.A. DE C.V.	MEXICO	REAL ESTATE	-	100.00	100.00
RIVER OAKS BANK BUILDING, INC.	UNITED STATES	REAL EST. INSTR.	-	100.00	100.00
RIVER OAKS TRUST CORPORATION	UNITED STATES	NO ACTIVITY	-	100.00	100.00
RIVERWAY HOLDINGS CAPITAL TRUST I	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
S.GESTORA FONDO PUBLREGUL.MEROADO HIPOTECARIO, S.A.	SPAIN	FINANCIAL SERV.	77.20	-	77.20
SCALDIS FINANCE, S.A.	BELGIUM	PORTFOLIO	-	100.00	100.00
SEGUROS BANCOMER, S.A. DE C.V.	MEXICO	INSURANCE	24.99	75.01	100.00
SEGUROS PROVINCIAL C.A.	VENEZUELA	INSURANCE	-	100.00	100.00
SERVICIOS CORPORATIVOS BANCOMER, S.A. DE C.V.	MEXICO	SERVICES	-	100.00	100.00
SERVICIOS CORPORATIVOS DE SEGUROS, S.A. DE C.V.	MEXICO	SERVICES	-	100.00	100.00
SERVICIOS EXTERNOS DE APOYO EMPRESARIAL, S.A DE C.V.	MEXICO	SERVICES	-	100.00	100.00
SERVICIOS TECNOLOGICOS SINGULARES, S.A.	SPAIN	SERVICES	99.99	0.01	100.00
SNB-WP, LP	UNITED STATES	FINANCIAL SERV.	-	51.00	51.00
SOCIEDAD DE ESTUDIOS Y ANALISIS FINANC., S.A.	SPAIN	COMERCIAL	100.00	-	100.00
SOCIETE INMOBILIERE BBV D'ILBARRIZ	FRANCE	REAL ESTATE	-	100.00	100.00
SOPORTE OPERATIVO PERU, S.A.C.	PERU	SERVICES	-	100.00	100.00
SOUTHEAST TEXAS INSURANCE SERVICES HOLDINGS, L.L.C.	UNITED STATES	NO ACTIVITY	-	100.00	100.00
SOUTHEAST TEXAS INSURANCE SERVICES, L.P.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
SOUTHEAST TEXAS TITLE COMPANY	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
SPORT CLUB 18, S.A.	SPAIN	PORTFOLIO	100.00	-	100.00
ST. JOHNS INVESTMENTS MANAGEMENT CO.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
STATE NATIONAL BANK (SNB)	UNITED STATES	BANKING	-	100.00	100.00
STATE NATIONAL CAPITAL TRUST I	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
STATE NATIONAL PROPERTIES LLC	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
STATE NATIONAL STATUTORY TRUST II	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
STAVIS MARGOLIS ADVISORY SERVICES, INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
TARUS, INC.	UNITED STATES	NO ACTIVITY	-	100.00	100.00
TEXAS INTERNATIONAL INSURANCE GROUP, INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
TEXAS LOAN SERVICES, L.P.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00

5

			% of Voting Rights Controlled by the Bank
Company	Location	Activity	Direct	Indirect	Total

TEXAS REGIONAL STATUTORY TRUST I	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
TEXAS STATE BANK	UNITED STATES	BANKING	-	100.00	100.00
TEXASBANC CAPITAL TRUST I	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
THE LAREDO NATIONAL BANK	UNITED STATES	BANKING	-	100.00	100.00
TRANSITORY CO	PANAMA	REAL EST. INSTR.	-	100.00	100.00
TSB PROPERTIES, INC.	UNITED STATES	REAL EST. INSTR.	-	100.00	100.00
TSB SECURITIES. INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
TUCSON LOAN HOLDINGS, INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
TWOENC, INC	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
UNICOM TELECOMUNICACIONES S.DE R.L. DE C.V.	MEXICO	SERVICES	-	99.98	99.98
UNIDAD DE AVALUOS MEXICO S.A. DE C.V.	MEXICO	FINANCIAL SERV.	-	90.00	90.00
UNITARIA GESTION DE PATRIMONIOS INMOBILIARIOS, S.A.	SPAIN	SERVICES	-	100.00	100.00
UNIVERSALIDAD "E5"	COLOMBIA	FINANCIAL SERV.	-	100.00	100.00
UNIVERSALIDAD - BANCO GRANAHORRAR	COLOMBIA	FINANCIAL SERV.	-	100.00	100.00
UNO-E BANK, S.A.	SPAIN	BANKING	67.35	32.65	100.00
UNO-E BRASIL BANCO DE INVESTIMENTOS, S.A.	BRAZIL	BANKING	100.00	-	100.00
URBANIZADORA SANT LLORENC, S.A.	SPAIN	NO ACTIVITY	60.60	-	60.60
VALANZA CAPITAL RIESGO S.G.E.C.R. S.A. UNIPERSONAL	SPAIN	SDAD. CAPITAL RIESGO	100.00	-	100.00
VALLEY MORTGAGE COMPANY, INC.	UNITED STATES	FINANCIAL SERV.	-	100.00	100.00
VISACOM, S.A. DE C.V.	MEXICO	SERVICES	-	100.00	100.00
WESTERN BANCSHARES OF ALBUQUERQUE, INC.	UNITED STATES	NO ACTIVITY	-	100.00	100.00
WESTERN MANAGEMENT CORPORATION	UNITED STATES	NO ACTIVITY	-	100.00	100.00

6

JOINTLY CONTROLLED COMPANIES PROPORTIONATELY CONSOLIDATED

			% of Voting Rights Controlled by the Bank
Company	Location	Activity	Direct	Indirect	Total
DARBY-BBVA LATIN AMERICAN INVESTORS, LTD	CAYMAN ISLAND	FINANCIAL SERV.	50.00	-	50.00
ECASA, S.A.	CHILE	FINANCIAL SERV.	-	100.00	100.00
FORUM DISTRIBUIDORA, S.A.	CHILE	FINANCIAL SERV.	-	51.04	51.04
FORUM SERVICIOS FINANCIEROS, S.A.	CHILE	FINANCIAL SERV.	-	51.00	51.00
INVERSIONES PLATCO, C.A.	VENEZUELA	FINANCIAL SERV.	-	50.00	50.00
PSA FINANCE ARGENTINA COMPAÑIA FINANCIERA, S.A.	ARGENTINA	FINANCIAL SERV.	-	50.00	50.00

7

INVESTMENTS AND JOINTLY CONTROLLED COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD

(Includes the most significant companies which, taken as a whole, represent 97% of the total investment in this respect)

			% of Voting Rights Controlled by the Bank
Company	Location	Activity	Direct	Indirect	Total
ADQUIRA ESPAÑA S.A.	SPAIN	SERVICES	-	40.00	40.00
ALMAGRARIO, S.A.	COLOMBIA	SERVICES	-	35.38	35.38
AUREA, S.A. (CUBA)	CUBA	REAL ESTATE	-	49.00	49.00
BBVA ELCANO EMPRESARIAL II, S.C.R., S.A.	SPAIN	SERV. FINANCIER.	45.00	-	45.00
BSVA ELCANO EMPRESARIAL, S.C.R., S.A.	SPAIN	SERV. FINANCIER.	45.00	-	45.00
CAMARATE GOLF, S.A.	SPAIN	REAL ESTATE	-	26.00	26.00
CITIC INTERNATIONAL FINANCIAL HOLDINGS LIMITED CIFH	HONG-KONG	BANKING	14.53	-	14.53
COMPAÑlA ESPAÑOLA DE FINANCIACION DEL DESARROLLO S.A.	SPAIN	SERVICES	21.82	-	21.82
COMPAÑIA MEXICANA DE PROCESAMIENTO, S.A. DE C.V.	MEXICO	SERVICES	-	50.00	50.00
CORPORACION IBV PARTICIPACIONES EMPRESARIALES, S.A.	SPAIN	PORTFOLIO	-	50.00	50.00
FERROMOVIL 3000, S.L.	SPAIN	SERVICES	-	20.00	20.00
FERROMOVIL 9000, S.L.	SPAIN	SERVICES	-	20.00	20.00
FIDEICOMISO HARES BBVA BANCOMER F/47997-2	MEXICO	REAL ESTATE	-	50.00	50.00
FIDEICOMISO 70191-2 PUEBLA	MEXICO	REAL ESTATE	-	25.00	25.00
GRUPO PROFESIONAL PLANEACION Y PROYECTOS, S.A. DE C.V.	MEXICO	SERVICES	-	44.39	44.39
HESTENAR, S.L.	SPAIN	REAL ESTATE	-	43.34	43.34
IMOBILIARIA DAS AVENIDAS NOVAS, S.A.	PORTUGAL	REAL ESTATE	-	49.97	49.97
IMOBILIARIA DUQUE DE AVILA, S.A.	PORTUGAL	REAL ESTATE	-	50.00	50.00
INMUEBLES MADARIAGA PROMOCIONES, S.L.	SPAIN	REAL ESTATE	50.00	-	50.00
JARDINES DEL RUBIN, S.A.	SPAIN	REAL ESTATE	-	50.00	50.00
LA ESMERALDA DESARROLLOS, S.L.	SPAIN	REAL ESTATE	-	25.00	25.00
LAS PEDRAZAS GOLF, S.L.	SPAIN	REAL ESTATE	-	50.00	50.00
METROPOLITAN PARTICIPACIONS, S.L.	SPAIN	PORTFOLIO	-	40.67	40.67
MONTEALMENARA GOLF, S.L.	SPAIN	REAL ESTATE	-	50.00	50.00
PARQUE REFORMA SANTA FE, S.A. DE C.V.	MEXICO	REAL ESTATE	-	30.00	30.00
ROMBO COMPAÑÍA FINANCIERA, S.A.	ARGENTINA	SERV. FINANCIER.	-	40.00	40.00
SERVICIOS ELECTRONICOS GLOBALES, S.A. DE C.V.	MEXICO	SERVICES	-	46.14	46.14
SERVIRED SOCIEDAD ESPAÑOLA DE MEDIOS DE PAGO, S.A.	SPAIN	SERV. FINANCIER.	20.50	0.93	21.43
TELEFONICA FACTORING, S.A.	SPAIN	SERV. FINANCIER.	30.00	-	30.00
TUBOS REUNIDOS, S.A.	SPAIN	INDUSTRIAL	-	24.26	24.26
VITAMEDICA S.A. DE C.V.	MEXICO	INSURANCE	-	50.99	50.99

 8