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The Hong Kong Monetary Authority announced today (January 31 2000) that it has granted the transfer of the authorisation of Argentaria as a bank to Banco Bilbao Vizcaya Argentaria S.A. (BBVA) under the Banking Ordinance. This grant of transfer took effect on January 28 2000, the date on which the merger of Argentaria into Banco Bilbao Vizcaya, S.A. (BBV) ("the Merger") became effective in Spain.

Upon the Merger, BBV immediately changed its name to BBVA, which became the surviving banking entity, while Argentaria was dissolved. The transfer of the banking licence of Argentaria to BBVA enables BBVA to continue to carry out the business activities of the Hong Kong Branch of Argentaria (ARGHK) in Hong Kong. BBVA is under the direct supervision of the Banco de Espana, the banking supervisory body in Spain. Subsequent to the transfer of banking licence, the Hong Kong Branch of BBVA continues to maintain ARGHK's business lines with a focus on corporate finance and treasury operations.

Since this involves only the transfer of a banking licence, the total number of banks in Hong Kong remains unchanged, at 155.

End/Monday, January 31, 2000

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