EX-8.1 4 dex81.htm CONSOLIDATED COMPANIES COMPOSING REGISTRANT Consolidated Companies Composing Registrant

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

 

            % of Voting Rights   Thousands of Euros ( * )  
            Controlled by the Bank   Investee Data  

Company

   Location   Activity   Direct   Indirect   Total   Net
Carrying
Amount		   Assets as
of
31.12.06		   Liabilities
as of
31.12.06		   Equity
31.12.06		   Profit (Loss)
for the Period
ended 31.12.06		  

(ASA) AG.DE SEGUROS DE ARGENTARIA, S.A.

   SPAIN   SERVICES   100.00   —     100.00   1,368   7,600   5,375   1,949   276  

ADMINISTRAD. DE FONDOS PARA EL RETIRO-BANCOMER, S.A DE C.V.

   MEXICO   PENSIONS   17.50   82.50   100.00   358,061   203,769   46,748   105,890   51,131  

ADMINISTRADORA DE FONDOS DE PENSIONS PROVIDA(AFP PROVIDA)

   CHILE   PENSIONS   12.70   51.62   64.32   204,805   410,196   117,337   226,639   66,220  

AFP GENESIS ADMINISTRADORA DE FONDOS, S.A.

   ECUADOR   PENSIONS   —     100.00   100.00   1,928   3,436   1,508   616   1,312  

AFP HORIZONTE, S.A.

   PERU   PENSIONS   24.85   75.15   100.00   26,618   41,789   16,030   15,678   10,081  

AFP PREVISION BBV-ADM.DE FONDOS DE PENSIONES S.A.

   BOLIVIA   PENSIONS   75.00   5.00   80.00   2,063   9,166   3,425   2,645   3,096  

ALMACENADORA FINANCIERA PROVINCIAL

   VENEZUELA   SERVICES   —     100.00   100.00   1,197   1,463   267   877   319  

ALMACENES GENERALES DE DEPOSITO, S.A.E. DE

   SPAIN   PORTFOLIO   83.90   16.10   100.00   12,649   100,377   3,037   94,312   3,028  

ALTITUDE INVESTMENTS LIMITED

   UNITED
KINGDOM		   FINANCIAL
SERV.		   51.00   —     51.00   225   1,971   1,246   721   4  

ALTURA MARKETS, A.V., S.A.

   SPAIN   SECURITIES   50.00   —     50.00   5,000   787,877   764,434   12,041   11,402  

ANIDA DESARROLLOS INMOBILIARIOS, S.L.

   SPAIN   REAL ESTATE   —     100.00   100.00   112,477   329,735   111,694   167,426   50,615  

ANIDA GRUPO INMOBILIARIO, S.L.

   SPAIN   PORTFOLIO   100.00   —     100.00   198,357   509,943   62,396   410,625   36,922  

ANIDA INMOBILIARIA, S.A. DE C.V.

   MEXICO   PORTFOLIO   —     100.00   100.00   55,199   52,615   23   53,994   (1,402 )

ANIDA PROYECTOS INMOBILIARIOS, S.A. DE C.V.

   MEXICO   REAL EST.INSTR.   —     100.00   100.00   51,990   52,457   467   53,029   (1,039 )

ANIDA SERVICIOS INMOBILIARIOS, S.A. DE C.V.

   MEXICO   REAL EST.INSTR.   —     100.00   100.00   451   1,587   1,157   833   (403 )

APLICA SOLUCIONES ARGENTINAS, S.A.

   ARGENTINA   SERVICES   —     100.00   100.00   1,209   1,232   61   1,232   (61 )

APLICA TECNOLOGIA AVANZADA

   MEXICO   SERVICES   100.00   —     100.00   4   47,725   46,160   581   984  

APOYO MERCANTIL S.A. DE C.V.

   MEXICO   REAL EST.INSTR.   —     100.00   100.00   2,070   11,721   9,651   1,826   244  

ARAGON CAPITAL, S.L.

   SPAIN   PORTFOLIO   99.90   0.10   100.00   37,925   30,948   —     29,191   1,757  

ARGENTARIA SERVICIOS, S.A.

   CHILE   SERVICES   100.00   —     100.00   676   1,360   7   1,249   104  

ASERLOCAL, S.A.

   SPAIN   SERVICES   —     100.00   100.00   32   32   —     43   (11 )

ASSUREX, S.A.

   ARGENTINA   INSURANCE   87.50   12.50   100.00   68   458   392   62   4  

ATUEL FIDEICOMISOS, S.A.

   ARGENTINA   SERVICES   —     100.00   100.00   4,954   5,117   163   3,241   1,713  

AUTOMERCANTIL-COMERCIO E ALUGER DE VEICULOS AUTOM., LDA.

   PORTUGAL   FINANCIAL
SERV.		   —     100.00   100.00   17,217   67,403   57,489   9,711   203  

BAHIA SUR RESORT, S.C.

   SPAIN   REAL ESTATE   99.95   —     99.95   1,436   1,438   15   1,423   —    

BANCO BILBAO VIZCAYA ARGENTARIA (PANAMA), S.A.

   PANAMA   BANKING   54.12   44.81   98.93   19,464   852,708   722,400   106,770   23,538  

BANCO BILBAO VIZCAYA ARGENTARIA (PORTUGAL), S.A.

   PORTUGAL   BANKING   9.52   90.48   100.00   278,916   5,285,506   5,052,258   264,100   (30,852 )

BANCO BILBAO VIZCAYA ARGENTARIA CHILE, S.A.

   CHILE   BANKING   60.92   6.92   67.84   273,426   6,534,127   6,113,769   377,009   43,349  

BANCO BILBAO VIZCAYA ARGENTARIA PUERTO RICO

   PUERTO
RICO		   BANKING   —     100.00   100.00   105,348   4,797,356   4,402,685   372,231   22,440  

BANCO BILBAO VIZCAYA ARGENTARIA URUGUAY, S.A.

   URUGUAY   BANKING   100.00   —     100.00   17,049   354,457   328,550   21,261   4,646  

BANCO CONTINENTAL, S.A.

   PERU   BANKING   —     92.08   92.08   374,183   4,426,905   4,020,555   287,599   118,751  

 

1

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

 

            % of Voting Rights   Thousands of Euros ( * )  
            Controlled by the Bank   Investee Data  

Company

   Location   Activity   Direct   Indirect   Total   Net
Carrying
Amount		   Assets as
of
31.12.06		   Liabilities
as of
31.12.06		   Equity
31.12.06		   Profit (Loss)
for the Period
ended 31.12.06		  

BANCO DE CREDITO LOCAL, S.A.

   SPAIN   BANKING   100.00   —     100.00   509,597   11,563,355   11,283,023   239,410   40,922  

BANCO DE PROMOCION DE NEGOCIOS, S.A.

   SPAIN   BANKING   —     99.81   99.81   15,149   32,608   247   31,791   570  

BANCO DEPOSITARIO BBVA, S.A.

   SPAIN   BANKING   —     100.00   100.00   1,595   1,219,922   1,169,201   167   50,554  

BANCO INDUSTRIAL DE BILBAO, S.A.

   SPAIN   BANKING   —     99.93   99.93   97,218   281,609   26,342   176,465   78,802  

BANCO OCCIDENTAL, S.A.

   SPAIN   BANKING   49.43   50.57   100.00   15,512   16,667   787   15,345   535  

BANCO PROVINCIAL OVERSEAS N.V.

   NETHERLANDS
ANTILLES		   BANKING   —     100.00   100.00   30,135   411,944   381,809   23,126   7,009  

BANCO PROVINCIAL S.A. - BANCO UNIVERSAL

   VENEZUELA   BANKING   1.85   53.75   55.60   162,180   6,561,057   6,085,778   330,112   145,167  

BANCO UNO-E BRASIL, S.A.

   BRAZIL   BANKING   100.00   —     100.00   16,166   31,661   4,523   25,082   2,056  

BANCOMER ASSET MANAGEMENT INC.

   UNITED
STATES		   FINANCIAL
SERV.		   —     100.00   100.00   2   2   —     2   —    

BANCOMER FINANCIAL SERVICES INC.

   UNITED
STATES		   FINANCIAL
SERV.		   —     100.00   100.00   3,812   4,342   529   4,193   (380 )

BANCOMER FOREIGN EXCHANGE INC.

   UNITED
STATES		   FINANCIAL
SERV.		   —     100.00   100.00   3,191   4,136   945   2,451   740  

BANCOMER PAYMENT SERVICES INC.

   UNITED
STATES		   FINANCIAL
SERV.		   —     100.00   100.00   11   17   6   16   (5 )

BANCOMER TRANSFER SERVICES, INC.

   UNITED
STATES		   FINANCIAL
SERV.		   —     100.00   100.00   34,013   109,047   75,034   20,908   13,105  

BANCOMERCIO SEGUROS, S.A. AGENCIA DE SEGUROS

   SPAIN   SERVICES   99.99   0.01   100.00   60   81   1   80   —    

BANKERS INVESTMENT SERVICES, INC.

   UNITED
STATES		   FINANCIAL
SERV.		   —     100.00   100.00   651   693   41   880   (228 )

BBV AMERICA, S.L.

   SPAIN   PORTFOLIO   100.00   —     100.00   479,328   472,590   —     491,627   (19,037 )

BBV SECURITIES HOLDINGS, S.A.

   SPAIN   PORTFOLIO   99.86   0.14   100.00   19,550   53,493   33,943   30,561   (11,011 )

BBVA & PARTNERS ALTERNATIVE INVESTMENT A.V., S.A.

   SPAIN   SECURITIES   70.00   —     70.00   1,331   8,142   5,077   2,399   666  

BBVA ADMINISTRADORA GENERAL DE FONDOS S.A.

   CHILE   FINANCIAL
SERV.		   —     100.00   100.00   16,597   16,949   343   13,910   2,696  

BBVA AMERICA FINANCE, S.A.

   SPAIN   FINANCIAL
SERV.		   100.00   —     100.00   60   52,274   52,221   56   (3 )

BBVA BANCO DE FINANCIACION S.A.

   SPAIN   BANKING   —     100.00   100.00   64,200   7,452,455   7,383,045   68,581   829  

BBVA BANCO FRANCES, S.A.

   ARGENTINA   BANKING   45.65   30.44   76.09   46,534   4,176,363   3,695,871   434,097   46,395  

BBVA BANCOMER FINANCIAL HOLDINGS, INC.

   UNITED
STATES		   PORTFOLIO   —     100.00   100.00   42,554   60,680   17,875   40,541   2,264  

BBVA BANCOMER GESTION, S.A. DE C.V.

   MEXICO   FINANCIAL
SERV.		   —     99.99   99.99   19,252   35,796   16,540   6,739   12,517  

BBVA BANCOMER HOLDING CORPORATION

   UNITED
STATES		   PORTFOLIO   —     100.00   100.00   4,876   4,876   —     3,539   1,337  

BBVA BANCOMER OPERADORA, S.A. DE C.V.

   MEXICO   SERVICES   —     100.00   100.00   2,912   455,026   452,114   1,761   1,151  

 

2

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

 

            % of Voting Rights   Thousands of Euros ( * )  
            Controlled by the Bank   Investee Data  

Company

   Location   Activity   Direct   Indirect   Total   Net
Carrying
Amount		  

Assets as

of

31.12.06

  

Liabilities

as of

31.12.06

  

Equity

31.12.06

  

Profit (Loss)

for the
Period
ended
31.12.06

  

BBVA BANCOMER SERVICIOS ADMINISTRATIVOS, S.A. DE C.V.

   MEXICO   FINANCIAL
SERV.		   —     100.00   100.00   708   8,917   8,210   462   245  

BBVA BANCOMER SERVICIOS, S.A.

   MEXICO   BANKING   —     100.00   100.00   401,963   417,752   15,788   321,698   80,266  

BBVA BANCOMER USA

   UNITED STATES   BANKING   —     100.00   100.00   12,833   84,000   71,103   19,695   (6,798 )

BBVA BANCOMER, S.A. DE C.V.

   MEXICO   BANKING   —     100.00   100.00   4,889,024   54,058,936   49,166,559   3,583,706   1,308,671  

BBVA BROKER, CORREDURIA DE SEGUROS Y REASEGUROS, S.A.

   SPAIN   SERVICES   —     100.00   100.00   337   7,290   1,615   3,281   2,394  

BBVA CAPITAL FINANCE, S.A.

   SPAIN   FINANCIAL
SERV.		   100.00   —     100.00   60   1,992,153   1,991,980   145   28  

BBVA CAPITAL FUNDING, LTD.

   CAYMAN ISLANDS   FINANCIAL
SERV.		   100.00   —     100.00   —     1,281,682   1,279,763   1,804   115  

BBVA CARTERA DE INVERSIONES,SICAV,S.A.

   SPAIN   PORTFOLIO   92.25   —     92.25   46,876   119,377   170   115,479   3,728  

BBVA COLOMBIA, S.A.

   COLOMBIA   BANKING   76.20   19.23   95.43   265,946   4,764,806   4,327,516   353,968   83,322  

BBVA CONSOLIDAR SALUD S.A.

   ARGENTINA   INSURANCE   15.35   84.65   100.00   13,361   39,598   26,075   10,479   3,044  

BBVA CONSOLIDAR SEGUROS, S.A.

   ARGENTINA   INSURANCE   87.78   12.22   100.00   5,946   24,997   13,047   10,678   1,272  

BBVA CORREDORA TECNICA DE SEGUROS BHIF LTDA.

   CHILE   SERVICES   —     100.00   100.00   15,500   16,849   1,342   11,539   3,968  

BBVA CORREDORES DE BOLSA, S.A.

   CHILE   SECURITIES   —     100.00   100.00   20,544   290,060   269,341   19,583   1,136  

BBVA CORREDURIA TECNICA ASEGURADORA, S.A.

   SPAIN   SERVICES   99.94   0.06   100.00   297   16,566   6,040   6,237   4,289  

BBVA CRECER AFP, S.A.

   DOMINICAN
REPUBLIC		   FINANCIAL
SERV.		   35.00   35.00   70.00   1,982   7,933   2,518   5,850   (435 )

BBVA DINERO EXPRESS, S.A.U

   SPAIN   FINANCIAL
SERV.		   100.00   —     100.00   2,186   8,064   5,233   2,257   574  

BBVA E-COMMERCE, S.A.

   SPAIN   SERVICES   100.00   —     100.00   30,879   34,420   224   35,429   (1,233 )

BBVA FACTORING E.F.C., S.A.

   SPAIN   FINANCIAL
SERV.		   —     100.00   100.00   126,447   5,467,812   5,262,341   185,802   19,669  

BBVA FIDUCIARIA , S.A.

   COLOMBIA   FINANCIAL
SERV.		   —     99.99   99.99   8,036   8,689   536   6,694   1,459  

BBVA FINANCE (DELAWARE) INC.

   UNITED STATES   FINANCIAL
SERV.		   100.00   —     100.00   110   380   —     380   —    

BBVA FINANCE (UK), LTD.

   UNITED KINGDOM   FINANCIAL
SERV.		   —     100.00   100.00   3,324   27,186   13,939   12,936   311  

BBVA FINANCE SPA.

   ITALY   FINANCIAL
SERV.		   100.00   —     100.00   4,648   6,018   1,060   4,946   12  

BBVA FINANCIAMIENTO AUTOMOTRIZ, S.A.

   CHILE   PORTFOLIO   —     100.00   100.00   83,054   83,054   —     76,971   6,083  

BBVA FINANZIA, S.P.A

   ITALY   FINANCIAL
SERV.		   50.00   50.00   100.00   19,214   286,466   271,331   15,858   (723 )

BBVA FUNDOS, S.G. DE FUNDOS DE PENSOES, S.A.

   PORTUGAL   FINANCIAL
SERV.		   —     100.00   100.00   998   5,712   483   3,750   1,479  

BBVA GEST, S.G. DE FUNDOS DE INVESTIMENTO MOBILIARIO, S.A.

   PORTUGAL   FINANCIAL
SERV.		   —     100.00   100.00   998   7,813   621   4,901   2,291  

BBVA GESTION,SOCIEDAD ANONIMA, SGIIC

   SPAIN   FINANCIAL
SERV.		   17.00   83.00   100.00   11,436   245,160   154,143   9,659   81,358  

BBVA GLOBAL FINANCE LTD.

   CAYMAN ISLANDS   FINANCIAL
SERV.		   100.00   —     100.00   —     1,750,748   1,746,903   3,612   233  

BBVA HORIZONTE PENSIONES Y CESANTIAS, S.A.

   COLOMBIA   PENSIONS   78.52   21.43   99.95   35,696   60,193   10,115   36,206   13,872  

 

3

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

 

            % of Voting Rights   Thousands of Euros ( * )  
            Controlled by the Bank   Investee Data  

Company

   Location   Activity   Direct   Indirect   Total   Net
Carrying
Amount		   Assets as
of
31.12.06		   Liabilities
as of
31.12.06		   Equity
31.12.06		   Profit (Loss)
for the Period
ended 31.12.06		  

BBVA INMOBILIARIA E INVERSIONES S.A.

   CHILE   REAL
EST.INSTR.		   —     68.11   68.11   4,870   24,260   17,110   7,892   (742 )

BBVA INSERVEX, S.A.

   SPAIN   SERVICES   100.00   —     100.00   1,205   3,327   4   2,875   448  

BBVA INTERNATIONAL INVESTMENT CORPORATION

   PUERTO RICO   FINANCIAL
SERV.		   100.00   —     100.00   2,769,952   2,265,049   19   1,981,286   283,744  

BBVA INTERNATIONAL LIMITED

   CAYMAN ISLANDS   FINANCIAL
SERV.		   100.00   —     100.00   1   1,009,727   1,006,220   2,829   678  

BBVA INTERNATIONAL PREFERRED, S.A.U.

   SPAIN   FINANCIAL
SERV.		   100.00   —     100.00   60   1,059,300   1,059,228   63   9  

BBVA INVESTMENTS, INC.

   UNITED STATES   FINANCIAL
SERV.		   —     100.00   100.00   5,410   6,705   1,293   3,926   1,486  

BBVA IRELAND PUBLIC LIMITED COMPANY

   IRELAND   FINANCIAL
SERV.		   100.00   —     100.00   180,381   4,346,978   4,062,078   272,935   11,965  

BBVA LUXINVEST, S.A.

   LUXEMBOURG   PORTFOLIO   36.00   64.00   100.00   255,843   1,429,887   50,652   950,890   428,345  

BBVA NOMINEES LIMITED

   UNITED KINGDOM   SERVICES   100.00   —     100.00   —     1   —     1   —    

BBVA PARAGUAY, S.A.

   PARAGUAY   BANKING   99.99   —     99.99   22,598   330,011   289,562   28,318   12,131  

BBVA PARTICIPACIONES INTERNACIONAL, S.L.

   SPAIN   PORTFOLIO   92.69   7.31   100.00   273,366   326,951   1,459   319,702   5,790  

BBVA PATRIMONIOS GESTORA SGIIC, S.A.

   SPAIN   FINANCIAL
SERV.		   99.99   0.01   100.00   3,907   42,630   2,554   31,804   8,272  

BBVA PENSIONES CHILE, S.A.

   CHILE   PENSIONS   32.23   67.77   100.00   281,182   348,823   4,814   309,071   34,938  

BBVA PENSIONES, SA, ENTIDAD GESTORA DE FONDOS DE PENSIONES

   SPAIN   PENSIONS   100.00   —     100.00   12,922   68,619   30,883   25,938   11,798  

BBVA PLANIFICACION PATRIMONIAL, S.L.

   SPAIN   FINANCIAL
SERV.		   80.00   20.00   100.00   1   512   40   455   17  

BBVA PREFERRED CAPITAL, LTD.

   CAYMAN ISLANDS   NO
ACTIVITY		   100.00   —     100.00   1   1,066   —     941   125  

BBVA PRIVANZA (JERSEY), LTD.

   CHANNEL
ISLANDS		   NO
ACTIVITY		   —     100.00   100.00   20,610   106,854   489   101,693   4,672  

BBVA PUERTO RICO HOLDING CORPORATION

   PUERTO RICO   PORTFOLIO   100.00   —     100.00   255,804   105,966   6   106,017   (57 )

BBVA RE LIMITED

   IRELAND   INSURANCE   —     100.00   100.00   656   39,127   28,952   7,991   2,184  

BBVA RENTING, S.A.

   SPAIN   FINANCIAL
SERV.		   —     100.00   100.00   20,976   574,743   483,232   80,922   10,589  

BBVA RESEARCH, S.A.

   SPAIN   FINANCIAL
SERV.		   99.99   0.01   100.00   501   3,475   2,713   674   88  

BBVA SECURITIES HOLDINGS (UK) LIMITED

   UNITED KINGDOM   FINANCIAL
SERV.		   —     100.00   100.00   75   6,307   6,259   364   (316 )

BBVA SECURITIES INC.

   UNITED STATES   FINANCIAL
SERV.		   —     100.00   100.00   31,750   29,407   4,058   27,932   (2,583 )

BBVA SECURITIES LTD.

   UNITED KINGDOM   FINANCIAL
SERV.		   —     100.00   100.00   3,315   9,464   2,658   3,548   3,258  

BBVA SECURITIES OF PUERTO RICO, INC.

   PUERTO RICO   FINANCIAL
SERV.		   100.00   —     100.00   4,726   4,830   396   4,601   (167 )

 

4

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

 

            % of Voting Rights   Thousands of Euros ( * )  
            Controlled by the Bank   Investee Data  

Company

   Location   Activity   Direct   Indirect   Total   Net
Carrying
Amount		  

Assets as

of

31.12.06

  

Liabilities

as of

31.12.06

  

Equity

31.12.06

    

Profit (Loss)

for the Period

ended 31.12.06

  

BBVA SEGUROS COLOMBIA COMPAÑIA DE SEGUROS, S.A.

   COLOMBIA   INSURANCE   94.00   6.00   100.00   9,174   30,979   20,371   10,500     108  

BBVA SEGUROS DE VIDA COLOMBIA, S.A.

   COLOMBIA   INSURANCE   94.00   6.00   100.00   13,207   105,066   78,002   20,003     7,061  

BBVA SEGUROS DE VIDA, S.A.

   CHILE   INSURANCE   —     100.00   100.00   24,832   191,974   167,141   20,772     4,061  

BBVA SEGUROS INC.

   PUERTO RICO   SERVICES   —     100.00   100.00   190   3,377   542   1,858     977  

BBVA SEGUROS, S.A.

   SPAIN   INSURANCE   94.30   5.64   99.94   414,519   12,284,726   11,397,656   702,149     184,921  

BBVA SEGUROS, S.A. (DOMINICAN REPUBLIC)

   DOMINICAN REPUBLIC   INSURANCE   —     99.98   99.98   1,556   4,259   2,686   552     1,021  

BBVA SENIOR FINANCE, S.A.U.

   SPAIN   FINANCIAL
SERV.		   100.00   —     100.00   60   17,911,860   17,911,518   141     201  

BBVA SERVICIOS, S.A.

   SPAIN   SERVICES   —     100.00   100.00   354   1,052   21   956     75  

BBVA SOCIEDAD LEASING HABITACIONAL BHIF

   CHILE   FINANCIAL
SERV.		   —     97.48   97.48   8,906   28,943   19,833   8,906     204  

BBVA SUBORDINATED CAPITAL S.A.U.

   SPAIN   FINANCIAL
SERV.		   100.00   —     100.00   130   2,954,128   2,953,928   73     127  

BBVA SWITZERLAND, S.A. (BBVA SWITZERLAND)

   SWITZERLAND   BANKING   39.72   60.28   100.00   54,024   538,897   292,537   222,630     23,730  

BBVA TRADE, S.A.

   SPAIN   SERVICES   —     100.00   100.00   6,379   22,162   19,428   17,492     (14,758 )

BBVA U.S. SENIOR S.A.U.

   SPAIN   FINANCIAL
SERV.		   100.00   —     100.00   132   4,031,854   4,031,813   132     (91 )

BBVA USA BANCSHARES OF DELAWARE, INC.

   UNITED STATES   PORTFOLIO   —     100.00   100.00   679,265   679,267   —     664,000     15,267  

BBVA USA BANCSHARES, INC.

   UNITED STATES   PORTFOLIO   100.00   —     100.00   695,628   687,402   12,203   661,433     13,766  

BBVA USA, INC.

   UNITED STATES   SERVICES   —     100.00   100.00   4,566   6,705   1,626   8,735     (3,656 )

BBVA VALORES COLOMBIA, S.A. COMISIONISTA DE BOLSA

   COLOMBIA   FINANCIAL
SERV.		   —     100.00   100.00   3,208   3,321   109   2,765     447  

BBVA,INSTITUIÇAO FINANCEIRA DE CREDITO, S.A.

   PORTUGAL   FINANCIAL
SERV.		   —     100.00   100.00   40,417   301,104   269,408   29,213     2,483  

BCL INTERNATIONAL FINANCE, LTD.

   CAYMAN ISLANDS   FINANCIAL
SERV.		   —     100.00   100.00   —     160,565   160,537   51     (23 )

BCL PARTICIPACIONES, S.L.

   SPAIN   PORTFOLIO   —     100.00   100.00   1,565   1,565   —     1,908     (343 )

BEX AMERICA FINANCE INCORPORATED

   UNITED STATES   NO ACTIVITY   100.00   —     100.00   —     1   1   —       —    

BEXCARTERA, SICAV S.A.

   SPAIN   PORTFOLIO   —     80.84   80.84   9,341   13,500   64   12,947     489  

BHIF ASESORIAS Y SERVICIOS FINANCIEROS, S.A.

   CHILE   FINANCIAL
SERV.		   —     98.60   98.60   12,548   13,789   1,064   7,807     4,918  

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   348,940   348,960   20   331,644     17,296  

BILBAO VIZCAYA HOLDING, S.A.

   SPAIN   PORTFOLIO   89.00   11.00   100.00   34,771   123,740   534   58,724     64,482  

BILBAO VIZCAYA INVESTMENT ADVISORY COMPANY S.A.

   LUXEMBOURG   FINANCIAL
SERV.		   100.00   —     100.00   77   27,820   1,444   11,144     15,232  

BROOKLINE INVESTMENTS,
S.L.

   SPAIN   PORTFOLIO   100.00   —     100.00   33,969   32,395   475   32,001     (81 )

CANAL COMPANY, LTD.

   CHANNEL ISLANDS   NO ACTIVITY   —     100.00   100.00   37   1,058   20   1,199     (161 )

CANAL INTERNATIONAL HOLDING (NETHERLANDS) BV.

   NETHERLANDS   NO ACTIVITY   —     100.00   100.00   494   87   22   38     27  

CARTERA E INVERSIONES S.A., CIA DE

   SPAIN   PORTFOLIO   100.00   —     100.00   60,541   506,982   443,482   (52,122 )   115,622  

CASA DE BOLSA BBVA BANCOMER, S.A. DE C.V.

   MEXICO   FINANCIAL
SERV.		   —     100.00   100.00   49,932   74,777   24,842   23,672     26,263  

 

5

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

 

            % of Voting Rights   Thousands of Euros ( * )  
            Controlled by the Bank   Investee Data  

Company

   Location   Activity   Direct   Indirect   Total   Net
Carrying
Amount		   Assets
as of
31.12.06		   Liabilities
as of
31.12.06		   Equity
31.12.06		   Profit (Loss)
for the Period
ended 31.12.06		  

CASA DE CAMBIO MULTIDIVISAS, S.A DE C.V.

   MEXICO   NO ACTIVITY   —     100.00   100.00   191   191   1   188   2  

CIA. GLOBAL DE MANDATOS Y REPRESENTACIONES, S.A.

   URUGUAY   NO ACTIVITY   —     100.00   100.00   108   190   2   188   —    

CIDESSA DOS, S.L.

   SPAIN   PORTFOLIO   —     100.00   100.00   11,243   11,435   191   11,183   61  

CIDESSA UNO, S.L.

   SPAIN   PORTFOLIO   —     100.00   100.00   4,754   285,293   88,213   68,229   128,851  

CIERVANA, S.L.

   SPAIN   PORTFOLIO   100.00   —     100.00   53,164   54,968   178   54,320   470  

COMPAÑIA CHILENA DE INVERSIONES, S.L.

   SPAIN   PORTFOLIO   100.00   —     100.00   232,976   173,294   2,088   171,594   (388 )

CONSOLIDAR A.F.J.P., S.A.

   ARGENTINA   PENSIONS   46.11   53.89   100.00   61,784   94,401   28,112   66,266   23  

CONSOLIDAR ASEGURADORA DE RIESGOS DEL TRABAJO, S.A.

   ARGENTINA   INSURANCE   87.50   12.50   100.00   33,490   129,937   87,400   37,089   5,448  

CONSOLIDAR CIA. DE SEGUROS DE RETIRO, S.A.

   ARGENTINA   INSURANCE   33.33   66.67   100.00   10,649   459,959   443,989   12,326   3,644  

CONSOLIDAR CIA. DE SEGUROS DE VIDA, S.A.

   ARGENTINA   INSURANCE   34.04   65.96   100.00   21,147   78,082   45,389   20,300   12,393  

CONSOLIDAR COMERCIALIZADORA, S.A.

   ARGENTINA   SERVICES   —     100.00   100.00   298   3,074   2,776   81   217  

CONSULTORES DE PENSIONES BBV, S.A.

   SPAIN   PENSIONS   —     100.00   100.00   175   781   —     829   (48 )

CONTINENTAL BOLSA, SDAD. AGENTE DE BOLSA S.A.

   PERU   SECURITIES   —     100.00   100.00   3,023   4,950   1,927   1,967   1,056  

CONTINENTAL S.A. SOCIEDAD ADMINISTRADORA DE FONDOS

   PERU   FINANCIAL
SERV.		   —     100.00   100.00   3,236   3,482   245   3,084   153  

CONTINENTAL SOCIEDAD TITULIZADORA, S.A.

   PERU   SERVICES   —     100.00   100.00   717   719   2   700   17  

CONTRATACION DE PERSONAL, S.A. DE C.V.

   MEXICO   SERVICES   —     100.00   100.00   126   9,757   9,632   5   120  

CORPORACION DE ALIMENTACION Y BEBIDAS, S.A.

   SPAIN   PORTFOLIO   —     100.00   100.00   138,508   154,585   1,214   150,575   2,796  

 

6

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

 

            % of Voting Rights   Thousands of Euros ( * )  
            Controlled by the Bank   Investee Data  

Company

   Location   Activity   Direct   Indirect   Total   Net
Carrying
Amount		  

Assets as

of

31.12.06

  

Liabilities

as of

31.12.06

     Equity
31.12.06		     Profit (Loss)
for the Period
ended 31.12.06		  

CORPORACION GENERAL FINANCIERA, S.A.

   SPAIN   PORTFOLIO   100.00   —     100.00   452,431   1,164,306   18,167     894,385     251,754  

CORPORACION INDUSTRIAL Y DE SERVICIOS, S.L.

   SPAIN   PORTFOLIO   —     100.00   100.00   1,251   5,552   806     2,914     1,832  

CORPORATIVO VITAMEDICA, S.A. DE C.V.

   MEXICO   SERVICES   —     99.98   99.98   197   1,431   1,234     190     7  

DESARROLLADORA Y VENDEDORA DE CASAS, S.A. DE C.V.

   MEXICO   REAL
EST.INSTR.		   —     100.00   100.00   83   37   1     40     (4 )

DESARROLLO URBANISTICO DE CHAMARTIN, S.A.

   SPAIN   REAL
ESTATE		   —     72.50   72.50   30,535   61,743   19,592     42,448     (297 )

DESITEL TECNOLOGIA Y SISTEMAS, S.A. DE C.V.

   MEXICO   SERVICES   —     100.00   100.00   1,479   1,587   110     1,394     83  

DEUSTO, S.A. DE INVERSION MOBILIARIA

   SPAIN   PORTFOLIO   —     100.00   100.00   11,005   11,005   —       11,203     (198 )

DINERO EXPRESS SERVICES GLOBALES, S.A.

   SPAIN   FINANCIAL
SERV.		   100.00   —     100.00   13,138   17,942   4,714     17,987     (4,759 )

EL ENCINAR METROPOLITANO, S.A.

   SPAIN   REAL
ESTATE		   —     98.76   98.76   5,130   9,269   4,087     6,052     (870 )

EL OASIS DE LAS RAMBLAS, S.L.

   SPAIN   REAL
ESTATE		   —     70.00   70.00   140   655   527     (1,182 )   1,310  

ELANCHOVE, S.A.

   SPAIN   PORTFOLIO   100.00   —     100.00   1,500   3,853   1,403     2,457     (7 )

EMPRESA INSTANT CREDIT, C.A.

   VENEZUELA   NO
ACTIVITY		   —     100.00   100.00   —     —     —       —       —    

ESPANHOLA COMERCIAL E SERVIÇOS, LTDA.

   BRAZIL   FINANCIAL
SERV.		   100.00   —     100.00   —     671   189     4,399     (3,917 )

ESTACION DE AUTOBUSES CHAMARTIN, S.A.

   SPAIN   SERVICES   —     51.00   51.00   31   31   —       31     —    

EUROPEA DE TITULIZACION, S.A., SDAD.GEST.DE FDOS.DE TITUL.

   SPAIN   FINANCIAL
SERV.		   82.97   —     82.97   1,506   5,654   553     3,096     2,005  

EURORISK, S.A.

   SPAIN   SERVICES   —     100.00   100.00   60   70,679   69,220     1,041     418  

EXPLOTACIONES AGROPECUARIAS VALDELAYEGUA, S.A.

   SPAIN   REAL
ESTATE		   —     100.00   100.00   10,000   9,989   (6 )   9,990     5  

FIDEICOMISO 29763-0 SOCIO LIQUIDADOR OP.FINAN.POSICION PRO

   MEXICO   FINANCIAL
SERV.		   —     100.00   100.00   14,721   14,831   110     12,588     2,133  

FIDEICOMISO 29764-8 SOCIO LIQUIDADOR POSICION DE TERCEROS

   MEXICO   FINANCIAL
SERV.		   —     100.00   100.00   32,342   32,810   468     28,653     3,689  

FIDEICOMISO 474031 MANEJO DE GARANTIAS

   MEXICO   SERVICES   —     100.00   100.00   3   3   —       3     —    

FIDEICOMISO BANCO FRANCES

   ARGENTINA   FINANCIAL
SERV.		   100.00   —     100.00   —     1,197   903     497     (203 )

FIDEICOMISO CENTRO CORPORATIVO REGIONAL F/47433-8

   MEXICO   SERVICES   —     100.00   100.00   21,656   35,042   13,386     13,658     7,998  

FIDEICOMISO INGRAL

   COLOMBIA   SERVICES   —     100.00   100.00   —     44   2     813     (771 )

FIDEICOMISO INVEX 228

   MEXICO   FINANCIAL
SERV.		   —     100.00   100.00   —     49,784   49,783     1     —    

FIDEICOMISO INVEX 367

   MEXICO   FINANCIAL
SERV.		   —     100.00   100.00   —     39,964   39,964     —       —    

FIDEICOMISO INVEX 393

   MEXICO   FINANCIAL
SERV.		   —     100.00   100.00   —     37,390   37,390     —       —    

FIDEICOMISO INVEX 411

   MEXICO   FINANCIAL
SERV.		   —     100.00   100.00   —     35,460   35,460     —       —    

FINANCEIRA DO COMERCIO EXTERIOR S.A.R.

   PORTUGAL   SERVICES   100.00   —     100.00   51   45   —       46     (1 )

FINANCIERA ESPAÑOLA, S.A.

   SPAIN   PORTFOLIO   85.85   14.15   100.00   4,522   4,879   —       5,370     (491 )

FINANZIA AUTORENTING, S.A.

   SPAIN   SERVICES   —     85.00   85.00   14,369   614,129   585,289     26,820     2,020  

FINANZIA, BANCO DE CREDITO, S.A.

   SPAIN   BANKING   —     100.00   100.00   56,203   3,573,146   3,412,676     140,405     20,065  

FORO LOCAL, S.L.

   SPAIN   SERVICES   —     60.13   60.13   2   13   7     6     —    

FRANCES ADMINISTRADORA DE INVERSIONES, S.A. G.F.C.INVERS.

   ARGENTINA   FINANCIAL
SERV.		   —     100.00   100.00   4,469   8,243   3,773     2,743     1,727  

 

7

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

 

            % of Voting Rights   Thousands of Euros ( * )  
            Controlled by the Bank   Investee Data  

Company

   Location   Activity   Direct   Indirect   Total   Net
Carrying
Amount		   Assets as
of
31.12.06		   Liabilities
as of
31.12.06		   Equity
31.12.06		     Profit (Loss)
for the Period
ended 31.12.06		  

FRANCES VALORES SOCIEDAD DE BOLSA, S.A.

   ARGENTINA   FINANCIAL
SERV.		   —     100.00   100.00   1,476   1,835   358   1,750     (273 )

FUTURO FAMILIAR, S.A. DE C.V.

   MEXICO   INSURANCE   —     100.00   100.00   151   307   155   122     30  

GENERAL DE PARTICIPACIONES EMPRESARIALES, S.L.

   SPAIN   PORTFOLIO   65.68   34.32   100.00   1,215   2,116   —     2,081     35  

GENTE BBVA, S.A.

   CHILE   FINANCIAL
SERV.		   —     100.00   100.00   140   1,913   1,772   144     (3 )

GESTION DE PREVISION Y PENSIONS, S.A.

   SPAIN   PENSIONS   60.00   —     60.00   8,830   25,892   2,246   20,551     3,095  

GESTION Y ADMINISTRACION DE RECIBOS, S.A.

   SPAIN   SERVICES   —     100.00   100.00   150   1,069   354   623     92  

GOBERNALIA GLOBAL NET, S.A.

   SPAIN   SERVICES   —     100.00   100.00   1,335   1,886   549   1,512     (175 )

GRAN JORGE JUAN, S.A.

   SPAIN   NO
ACTIVITY		   100.00   —     100.00   10,115   10,293   175   10,113     5  

GRANFIDUCIARIA

   COLOMBIA   FINANCIAL
SERV.		   —     90.00   90.00   —     321   112   135     74  

GRELAR GALICIA, S.A.

   SPAIN   PORTFOLIO   —     100.00   100.00   4,329   4,330   —     4,216     114  

GRUPO FINANCIERO BBVA BANCOMER, S.A. DE C.V.

   MEXICO   FINANCIAL
SERV.		   48.96   51.00   99.96   6,171,072   6,242,893   1,685   4,662,032     1,579,176  

HIPOTECARIA NACIONAL MEXICANA INCORPORATED

   UNITED
STATES		   REAL
EST.INSTR.		   —     100.00   100.00   126   182   8   169     5  

HIPOTECARIA NACIONAL, S.A. DE C.V.

   MEXICO   FINANCIAL
SERV.		   —     100.00   100.00   224,503   720,772   496,270   148,947     75,555  

HOLDING CONTINENTAL, S.A.

   PERU   PORTFOLIO   50.00   —     50.00   123,019   402,492   10   287,773     114,709  

HOMEOWNERS LOAN CORPORATION

   UNITED
STATES		   FINANCIAL
SERV.		   —     100.00   100.00   5,576   7,809   2,222   15,116     (9,529 )

HYDROX HOLDINGS, INC.

   UNITED
STATES		   NO
ACTIVITY		   —     100.00   100.00   —     —     —     —       —    

IBERDROLA SERVICES FINANCIEROS, E.F.C, S.A.

   SPAIN   FINANCIAL
SERV.		   —     84.00   84.00   7,290   9,279   162   9,043     74  

IBERNEGOCIO DE TRADE, S.L.

   SPAIN   SERVICES   —     100.00   100.00   615   31,139   18,998   9,047     3,094  

INENSUR BRUNETE, S.L.

   SPAIN   REAL
ESTATE		   —     100.00   100.00   23,745   82,332   85,283   (2,443 )   (508 )

INGENIERIA EMPRESARIAL MULTIBA

   MEXICO   SERVICES   —     99.99   99.99   —     —     —     —       —    

INICIATIVAS RESIDENCIALES EN INTERNET, S.A.

   SPAIN   SERVICES   —     100.00   100.00   2   1,156   1,189   1,519     (1,552 )

INMOBILIARIA ASUDI, S.A.

   SPAIN   REAL
EST.INSTR.		   —     100.00   100.00   2,886   2,998   42   2,872     84  

INMOBILIARIA BILBAO, S.A.

   SPAIN   REAL
EST.INSTR.		   —     100.00   100.00   3,514   3,551   36   3,438     77  

INMUEBLES Y RECUPERACIONES CONTINENTAL, S.A.

   PERU   REAL
EST.INSTR.		   —     100.00   100.00   18,035   18,316   281   13,502     4,533  

INVERAHORRO, S.L.

   SPAIN   PORTFOLIO   100.00   —     100.00   474   491   2   480     9  

INVERSIONES ALDAMA, C.A.

   VENEZUELA   NO
ACTIVITY		   —     100.00   100.00   —     —     —     —       —    

INVERSIONES BANPRO INTERNATIONAL INC. N.V.

   NETHERLANDS
ANTILLES		   PORTFOLIO   48.01   —     48.01   11,390   31,996   72   24,829     7,095  

INVERSIONES BAPROBA, C.A.

   VENEZUELA   SERVICES   100.00   —     100.00   1,307   1,663   48   1,507     108  

INVERSIONES MOBILIARIAS, S.L.

   SPAIN   PORTFOLIO   100.00   —     100.00   660   693   —     674     19  

INVERSIONES P.H.R.4, C.A.

   VENEZUELA   NO
ACTIVITY		   —     60.46   60.46   —     53   —     53     —    

INVERSIONES T, C.A.

   VENEZUELA   NO
ACTIVITY		   —     100.00   100.00   —     —     —     —       —    

INVERSORA OTAR, S.A.

   ARGENTINA   PORTFOLIO   —     99.96   99.96   4,077   49,783   4,128   41,295     4,360  

 

8

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

 

            % of Voting Rights   Thousands of Euros ( * )  
            Controlled by the Bank   Investee Data  

Company

   Location   Activity   Direct   Indirect   Total   Net
Carrying
Amount		  

Assets as

of
31.12.06

   Liabilities
as of
31.12.06		   Equity
31.12.06		     Profit (Loss)
for the Period
ended 31.12.06		  

INVESCO MANAGEMENT Nº 1, S.A.

   LUXEMBOURG   FINANCIAL
SERV.		   —     99.99   99.99   11,656   16,070   261   15,809     —    

INVESCO MANAGEMENT Nº 2, S.A.

   LUXEMBOURG   FINANCIAL
SERV.		   —     96.88   96.88   31   12,555   23,732   (8,749 )   (2,428 )

JARDINES DE SARRIENA, S.L.

   SPAIN   REAL
ESTATE		   —     85.00   85.00   255   997   611   (2,342 )   2,728  

LAREDO NATIONAL BANK

   UNITED
STATES		   BANKING   —     100.00   100.00   674,695   3,389,411   2,714,544   655,945     18,922  

LEASIMO - SOCIEDADE DE LOCACAO FINANCEIRA, S.A.

   PORTUGAL   FINANCIAL
SERV.		   —     100.00   100.00   11,576   71,960   60,533   10,701     726  

MAGGIORE FLEET, S.P.A.

   ITALY   SERVICES   —     100.00   100.00   70,191   136,769   102,508   34,495     (234 )

MARQUES DE CUBAS 21, S.L.

   SPAIN   REAL
ESTATE		   100.00   —     100.00   2,869   7,552   5,223   2,465     (136 )

MEDITERRANIA DE PROMOCIONS I GESTIONS INMOBILIARIES, S.A.

   SPAIN   NO
ACTIVITY		   —     100.00   100.00   726   2,610   1,882   650     78  

MERCURY TRUST LIMITED

   CAYMAN
ISLANDS		   FINANCIAL
SERV.		   —     100.00   100.00   4,019   4,148   105   3,989     54  

MILANO GESTIONI, SRL.

   ITALY   REAL
EST.INSTR.		   —     100.00   100.00   46   4,384   4,012   328     44  

MIRADOR DE LA CARRASCOSA, S.L.

   SPAIN   REAL
ESTATE		   —     55.90   55.90   9,724   26,467   9,399   17,071     (3 )

MISAPRE, S.A. DE C.V.

   MEXICO   FINANCIAL
SERV.		   —     100.00   100.00   8,305   9,586   2   8,541     1,043  

MONESTERIO DESARROLLOS, S.L.

   SPAIN   REAL
ESTATE		   —     100.00   100.00   19,990   54,432   34,610   19,805     17  

MONTEALIAGA,S.A.

   SPAIN   REAL
ESTATE		   —     100.00   100.00   21,154   77,331   61,689   9,932     5,710  

MULTIASISTENCIA, S.A. DE C.V.

   MEXICO   SERVICES   —     100.00   100.00   7,364   13,864   5,440   7,182     1,242  

MULTIVAL, S.A.

   SPAIN   PORTFOLIO   —     100.00   100.00   71   178   107   78     (7 )

OCCIVAL, S.A.

   SPAIN   NO
ACTIVITY		   100.00   —     100.00   8,211   9,171   8   8,907     256  

OPCION VOLCAN, S.A.

   MEXICO   REAL
EST.INSTR.		   —     100.00   100.00   57,643   67,114   9,471   52,214     5,429  

PARTICIPACIONES ARENAL, S.L.

   SPAIN   NO
ACTIVITY		   —     100.00   100.00   6,270   7,451   1,179   6,150     122  

PENSIONES BANCOMER, S.A. DE C.V.

   MEXICO   INSURANCE   —     100.00   100.00   87,022   1,276,431   1,189,406   70,085     16,940  

PERI 5.1 SOCIEDAD LIMITADA

   SPAIN   REAL
ESTATE		   —     54.99   54.99   1   1   —     1     —    

PORT ARTHUR ABSTRACT & TITLE COMPANY

   UNITED
STATES		   FINANCIAL
SERV.		   —     100.00   100.00   1,827   2,069   243   1,811     15  

PREMEXSA, S.A. DE C.V.

   MEXICO   FINANCIAL
SERV.		   —     100.00   100.00   507   519   7   541     (29 )

PREVENTIS, S.A.

   MEXICO   INSURANCE   —     75.01   75.01   3,541   11,392   6,671   5,508     (787 )

PRO-SALUD, C.A.

   VENEZUELA   SERVICES   —     58.86   58.86   —     —     1   (1 )   —    

PROMOCION EMPRESARIAL XX, S.A.

   SPAIN   FINANCIAL
SERV.		   100.00   —     100.00   1,522   2,075   31   1,998     46  

PROMOTORA DE RECURSOS AGRARIOS, S.A.

   SPAIN   SERVICES   100.00   —     100.00   139   146   —     148     (2 )

PROMOTORA RESIDENCIAL GRAN EUROPA, S.L.

   SPAIN   REAL
ESTATE		   —     58.50   58.50   318   1,611   1,068   574     (31 )

PROVIDA INTERNACIONAL, S.A.

   CHILE   PENSIONS   —     100.00   100.00   54,464   54,908   244   48,034     6,630  

PROVINCIAL DE VALORES CASA DE BOLSA, C.A.

   VENEZUELA   FINANCIAL
SERV.		   —     90.00   90.00   4,437   6,324   851   4,683     790  

PROVINCIAL SDAD.ADMIN.DE ENTIDADES DE INV.COLECTIVA, C.A.

   VENEZUELA   FINANCIAL
SERV.		   —     100.00   100.00   1,553   1,823   276   1,264     283  

PROVIVIENDA, ENTIDAD RECAUDADORA Y ADMIN.DE APORTES, S.A.

   BOLIVIA   PENSIONS   —     100.00   100.00   288   1,648   1,345   208     95  

 

9

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

 

            % of Voting Rights   Thousands of Euros ( * )  
            Controlled by the Bank   Investee Data  

Company

   Location   Activity   Direct   Indirect   Total   Net
Carrying
Amount		   Assets as
of
31.12.06		   Liabilities
as of
31.12.06		     Equity
31.12.06		   Profit (Loss)
for the Period
ended 31.12.06		  

PROXIMA ALFA INVESTMENTS, SGIIC S.A.

   SPAIN   FINANCIAL
SERV.		   51.00   —     51.00   5,100   13,301   1,928     10,000   1,373  

PROYECTO MUNDO AGUILON, S.L

   SPAIN   REAL
ESTATE		   —     100.00   100.00   9,317   32,219   9,621     19,720   2,878  

PROYECTOS EMPRESARIALES CAPITAL RIESGO I,S.C.R.SIMP., S.A.

   SPAIN   FINANCIAL
SERV.		   100.00   —     100.00   1,200   11,697   10,510     1,200   (13 )

PROYECTOS EMPRESARIALES CAPITAL RIESGO, S.G.E.C.R.,S.A.

   SPAIN   FINANCIAL
SERV.		   100.00   —     100.00   1,200   1,345   49     1,195   101  

PROYECTOS INDUSTRIALES CONJUNTOS, S.A. DE

   SPAIN   PORTFOLIO   —     100.00   100.00   3,148   3,484   —       3,481   3  

RESIDENCIAL CUMBRES DE SANTA FE, S.A. DE C.V.

   MEXICO   REAL
ESTATE		   —     100.00   100.00   10,265   14,847   5,123     10,283   (559 )

RIVERWAY HOLDINGS CAPITAL TRUST I

   UNITED
STATES		   FINANCIAL
SERV.		   —     100.00   100.00   235   7,877   7,640     234   3  

RIVERWAY HOLDINGS CAPITAL TRUST II

   UNITED
STATES		   FINANCIAL
SERV.		   —     100.00   100.00   118   4,076   3,953     121   2  

S.GESTORA FONDO PUBL.REGUL.MERCADO HIPOTECARIO, S.A.

   SPAIN   FINANCIAL
SERV.		   77.20   —     77.20   138   217   67     152   (2 )

SCALDIS FINANCE, S.A.

   BELGIUM   PORTFOLIO   —     100.00   100.00   3,416   3,625   135     3,486   4  

SEGUROS BANCOMER, S.A. DE C.V.

   MEXICO   INSURANCE   24.99   75.01   100.00   253,739   912,179   775,039     60,174   76,966  

SEGUROS PROVINCIAL, C.A.

   VENEZUELA   INSURANCE   —     100.00   100.00   5,895   21,321   15,396     930   4,995  

SERVICES CORPORATIVOS BANCOMER, S.A. DE C.V.

   MEXICO   SERVICES   —     100.00   100.00   130   9,040   8,910     287   (157 )

SERVICES CORPORATIVOS DE INSURANCE, S.A. DE C.V.

   MEXICO   SERVICES   —     100.00   100.00   121   3,698   3,602     105   (9 )

SERVICES EXTERNOS DE APOYO EMPRESARIAL, S.A DE C.V.

   MEXICO   SERVICES   —     100.00   100.00   1,741   6,575   4,834     1,461   280  

SERVICES TECNOLOGICOS SINGULARES, S.A.

   SPAIN   SERVICES   99.99   0.01   100.00   60   7,329   7,228     95   6  

SERVICES VITAMEDICA, S.A. DE C.V.

   MEXICO   SERVICES   —     99.98   99.98   116   755   640     47   68  

SOCIEDAD DE ESTUDIOS Y ANALISIS FINANC.,S.A.

   SPAIN   PORTFOLIO   100.00   —     100.00   114,518   188,113   65     183,555   4,493  

SOCIEDAD PARA LA PRESTACION DE SºS ADMINISTRATIVOS, S.A.

   SPAIN   SERVICES   —     100.00   100.00   100   1,237   961     100   176  

SOCIETE INMOBILIERE BBV D’ILBARRIZ

   FRANCE   REAL
ESTATE		   —     100.00   100.00   91   113   31     155   (73 )

SOUTHEAST TEXAS INSURANCE SERVICES HOLDINGS, L.L.C.

   UNITED
STATES		   NO
ACTIVITY		   —     100.00   100.00   —     —     —       —     —    

SOUTHEAST TEXAS INSURANCE SERVICES, L.P.

   UNITED
STATES		   INSURANCE   —     100.00   100.00   363   358   (5 )   358   5  

SOUTHEAST TEXAS TITLE COMPANY

   UNITED
STATES		   FINANCIAL
SERV.		   —     100.00   100.00   693   1,051   358     683   10  

SPORT CLUB 18, S.A.

   SPAIN   PORTFOLIO   100.00   —     100.00   23,745   41,115   17,844     23,744   (473 )

TEXAS INTERNATIONAL SEGUROS GROUP, INC.

   UNITED
STATES		   SERVICES   —     100.00   100.00   374   385   10     340   35  

TEXAS REGIONAL BANCSHARES, INC.

   UNITED
STATES		   PORTFOLIO   100.00   —     100.00   1,673,906   1,637,086   5,785     1,619,943   11,358  

 

10

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

 

           

% of Voting Rights

Controlled by the Bank

   Thousands of Euros ( * )  
              Investee Data  

Company

   Location   Activity   Direct   Indirect   Total   Net
Carrying
Amount		     Assets as
of
31.12.06		   Liabilities
as of
31.12.06		   Equity
31.12.06		     Profit (Loss)
for the Period
ended 31.12.06		  

TEXAS REGIONAL DELAWARE, INC.

   UNITED
STATES		   PORTFOLIO   —     100.00   100.00   1,604,875     1,658,834   53,959   1,593,469     11,406  

TEXAS REGIONAL STATUTORY TRUST I

   UNITED
STATES		   FINANCIAL
SERV.		   —     100.00   100.00   1,175     39,265   38,086   1,165     14  

TEXAS STATE BANK

   UNITED
STATES		   BANKING   —     100.00   100.00   1,646,080     6,507,464   4,861,385   1,634,320     11,759  

TRANSITORY CO

   PANAMA   REAL
EST.INSTR.		   —     100.00   100.00   216     5,383   5,167   312     (96 )

TSB PROPERTIES, INC.

   UNITED
STATES		   REAL
EST.INSTR.		   —     100.00   100.00   (1,500 )   805   2,304   (1,499 )   —    

TSB SECURITIES, INC.

   UNITED
STATES		   FINANCIAL
SERV.		   —     100.00   100.00   276     302   26   272     4  

UNICOM TELECOMUNICACIONES S.DE R.L. DE C.V.

   MEXICO   SERVICES   —     99.98   99.98   (12 )   12   23   (9 )   (2 )

UNIDAD DE AVALUOS MEXICO S.A. DE C.V.

   MEXICO   FINANCIAL
SERV.		   —     90.00   90.00   672     1,207   459   631     117  

UNISEAR INMOBILIARIA, S.A.

   SPAIN   REAL
ESTATE		   —     100.00   100.00   15,626     18,630   703   16,822     1,105  

UNITARIA GESTION DE PATRIMONIOS INMOBILIARIA, S.A.

   SPAIN   SERVICES   —     100.00   100.00   2,410     2,471   8   2,421     42  

UNIVERSALIDAD “E5”

   COLOMBIA   FINANCIAL
SERV.		   —     100.00   100.00   —       11,175   11,175   —       —    

UNIVERSALIDAD - BANCO GRANAHORRAR

   COLOMBIA   FINANCIAL
SERV.		   —     100.00   100.00   —       19,689   22,147   (1,875 )   (583 )

UNO-E BANK, S.A.

   SPAIN   BANKING   67.35   32.65   100.00   174,751     1,427,998   1,291,599   126,079     10,320  

URBANIZADORA SANT LLORENC, S.A.

   SPAIN   REAL
ESTATE		   60.60   —     60.60   —       108   —     108     —    

VALLEY MORTGAGE COMPANY, INC.

   UNITED
STATES		   FINANCIAL
SERV.		   —     100.00   100.00   9,692     13,789   4,096   9,494     199  

VISACOM, S.A. DE C.V.

   MEXICO   SERVICES   —     100.00   100.00   352     353   1   591     (239 )

VITAMEDICA S.A. DE C.V.

   MEXICO   INSURANCE   —     50.99   50.99   2,914     8,893   3,179   5,777     (63 )

Information on foreign companies at exchange rate on 31-12-06

 

(*) Unaudited data

 

11

EXHIBIT 8.1 PART II

ADDITIONAL INFORMATION ON JOINTLY CONTROLLED COMPANIES PROPORTIONATELY

CONSOLIDATED IN THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

 

              

% of voting rights

Controlled by the bank

    Thousands of Euros ( * )
                  Net carrying
amount		    Investee Data

COMPANY

    LOCATION    ACTIVITY    Direct    Indirect    Total       Assets
31.12.06		    Liabilities
31.12.06		    Equity
31.12.06		    Profit
(loss)
for
the
Period
2006

DARBY-BBVA LATIN AMERICAN INVESTORS, LTD

    CAYMAN
ISLAND		    FINANCIAL
SERV		    50.00    —      50.00    —      2,490    1,358    410    722

ECASA, S.A.

    CHILE    FINANCIAL
SERV		    —      51.04    51.04    1,770    3,893    359    2,304    1,230

FORUM DISTRIBUIDORA, S,A,

    CHILE    SERVICES    —      51.04    51.04    5,612    32,698    25,306    6,160    1,232

FORUM SERVICIOS FINANCIEROS, S.A.

    CHILE    FINANCIAL
SERV		    —      51.00    51.00    77,441    326,269    268,502    47,073    10,694

HOLDING DE PARTICIPACIONES INDUSTRIALES 2000, S.A.

    SPAIN    PORTFOLIO    —      50.00    50.00    1,518    4,180    —      4,094    86

PSA FINANCE ARGENTINA COMPAÑIA FINANCIERA, S.A.

    ARGENTINA    FINANCIAL
SERV		    —      50.00    50.00    3,331    26,910    20,210    5,924    776

Information on foreign companies at exchange rate on 12/3/05

 

(*) Unaudited data.

 

12

EXHIBIT 8.1 PART III

ADDITIONAL INFORMATION ON INVESTMENTS AND JOINTLY CONTROLLED

COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD IN THE

BANCO BILBAO VIZCAYA ARGENTARIA GROUP

(Includes the most significant companies which, taken as a whole, represent 98% of the total investment in this respect)

 

           

% of voting rights

Controlled by the bank

   Thousands of Euros ( * )  
                  Investee Data  

COMPANY

   LOCATION   ACTIVITY   Direct   Indirect   Total   Net Carrying
amount		   Assets   Liabilities   Equity  

Profit (loss)

for the
period

  

ADQUIRA ESPAÑA, S.A.

   SPAIN   SERVICES   —     40.00   40.00   2,669   16,041   10,260   8,134   -2,353  

ALMAGRARIO, S.A.

   COLOMBIA   SERVICES   —     35.38   35.38   5,935   21,778   4,809   16,286   683  

AUREA, S.A. (CUBA)

   CUBA   REAL ESTATE   —     49.00   49.00   4,339   11,924   3,049   8,665   210  

BBVA ELCANO EMPRESARIAL II, S.C.R., S.A.

   SPAIN   SERV.FINANCIER.   45.00   —     45.00   29,342   3,416   2,260   1,200   -44  

BBVA ELCANO EMPRESARIAL, S.C.R., S.A.

   SPAIN   SERV.FINANCIER.   45.00   —     45.00   29,347   3,928   2,772   1,200   -44  

CAMARATE GOLF, S.A. (*)

   SPAIN   REAL ESTATE   —     26.00   26.00   4,625   66,968   49,041   17,971   -44  

COMPAÑIA ESPAÑOLA DE FINANCIACION DEL DESARROLLO S.A.

   SPAIN   SERVICES   21.82   0.00   21.82   10,673   59,574   12,455   46,048   1,071  

COMPAÑIA MEXICANA DE PROCESAMIENTO, S.A. DE C.V.

   MEXICO   SERVICES   —     50.00   50.00   3,088   7,846   1,896   9,321   -3,371  

CORPORACION IBV PARTICIPACIONES EMPRESARIALES, S.A. (*)

   SPAIN   PORTFOLIO   —     50.00   50.00   564,762   1,236,368   303,371   869,472   63,525 (1)

FERROMOVIL 3000, S.L.

   SPAIN   SERVICES   —     20.00   20.00   6,361   —     —     —     —   (2)

FERROMOVIL 9000, S.L.

   SPAIN   SERVICES   —     20.00   20.00   4,155   —     —     —     —   (2)

FIDEICOMISO 70191-2 PUEBLA (*)

   MEXICO   REAL ESTATE   —     25.00   25.00   12,213   —     —     —     —   (2)

GRUPO PROFESIONAL PLANEACION Y PROYECTOS, S.A. DE C.V. (*)

   MEXICO   SERVICES   —     44.39   44.39   4,406   24,490   14,937   8,616   937 (1)

HESTENAR, S.L. (*)

   SPAIN   REAL ESTATE   —     43.34   43.34   7,835   26,577   20,668   5,942   -33  

IMOBILIARIA DAS AVENIDAS NOVAS, S.A.

   PORTUGAL   REAL ESTATE   —     49.97   49.97   2,603   5,767   450   5,560   -243  

IMOBILIARIA DUQUE DE AVILA, S.A. (*)

   PORTUGAL   REAL ESTATE   —     50.00   50.00   4,725   26,171   16,323   7,771   2,077  

INMUEBLES MADARIAGA PROMOCIONES, S.L. (*)

   SPAIN   REAL ESTATE   50.00   —     50.00   3,123   8,072   1,745   6,354   -27  

JARDINES DEL RUBIN, S.A. (*)

   SPAIN   REAL ESTATE   —     50.00   50.00   2,999   36,607   32,504   3,990   113  

LA ESMERALDA DESARROLLOS, S.L.

   SPAIN   REAL ESTATE   —     45.00   45.00   8,948   —     —     —     —   (2)

LAS PEDRAZAS GOLF, S.L. (*)

   SPAIN   REAL ESTATE   —     50.00   50.00   15,817   73,616   41,707   31,979   -70  

MOBIPAY INTERNATIONAL, S.A. (*)

   SPAIN   SERVICES   —     50.00   50.00   2,403   6,214   341   8,243   -2,370  

MONTEALMENARA GOLF, S.L. (*)

   SPAIN   REAL ESTATE   —     50.00   50.00   15,893   49,326   33,720   15,663   -57  

PARQUE REFORMA SANTA FE, S.A. DE C.V.

   MEXICO   REAL ESTATE   —     30.00   30.00   4,652   30,368   11,309   19,736   -678  

PART. SERVIRED, SDAD. CIVIL

   SPAIN   SERVICES   20.50   0.92   21.42   10,615   53,084   3,713   49,346   25  

PROMOTORA METROVACESA, S.L. (*)

   SPAIN   REAL ESTATE   —     50.00   50.00   9,067   73,644   56,091   19,007   -1,454 (1)

ROMBO COMPAÑIA FINANCIERA, S.A.

   ARGENTINA   SERV.FINANCIER.   —     40.00   40.00   3,285   32,736   24,314   8,481   -59  

SERVICIOS ELECTRONICOS GLOBALES, S.A. DE C.V.

   MEXICO   SERVICES   —     45.98   45.98   4,680   21,577   10,748   10,433   397  

TELEFONICA FACTORING, E.F.C., S.A.

   SPAIN   SERV.FINANCIER.   30.00   —     30.00   2,839   95,422   85,761   6,905   2,756  

TELEPEAJE ELECTRONICO, S.A. DE C.V. (*)

   MEXICO   SERVICES   —     50.00   50.00   10,747   69,686   70,935   2,330   -3,579  

TUBOS REUNIDOS, S.A.

   SPAIN   INDUSTRIAL   0.01   24.26   24.27   69,284   578,059   333,518   212,419   32,122 (1)

OTHER COMPANIES

             27,506        
          TOTAL   888,936   2,639,260   1,148,697   1,401,073   89,490  

Data relating to the latest financial statements (generally for 2005) approved at the date of preparation of these notes to the consolidated financial statements.

For the companies abroad the exchange rates ruling at the reference date are applied.

 

(1) Consolidated data

 

(2) Company incorporated in 2006

 

(*) Jointly controlled entities accounted for using the equity method

 

13

EXHIBIT 8.1 PART IV

NOTIFICATION OF ACQUISITION OF INVESTEES

 

          % of Ownership     

COMPANY

    ACTIVITY    Net% Acquired (Sold) in the
Year		     % at Year-End    Date of Notification to Investee

Acquisitions made until December 31, 2005

           

FRANQUICIA TEXTURA, S.A. (1)

    INDUSTRIAL    100.00     —      March 10, 2005

INICIATIVAS RESIDENCIALES EN INTERNET, S.A.

    SERVICES    50.00     100.00    March 10, 2005

MONTEALIAGA,S.A.

    REAL
ESTATE		    40.00     100.00    March 10, 2005

TEXTIL TEXTURA, S.L.

    INDUSTRIAL    64.50     64.50    March 10, 2005

TEXTURA GLOBE, S.A. (1)

    INDUSTRIAL    100.00     —      March 10, 2005

Acquisitions made until December 31, 2006

           

BBVA CARTERA DE INVERSIONES SICAV, S.A.

    PORTFOLIO    17.40     92.25    January 9, 2007

HESTENAR, S.L.

    REAL
ESTATE		    3.34     43.34    January 18, 2007

INENSUR BRUNETE, S.L.

    REAL
ESTATE		    50.00     100.00    October 20, 2006

TECNICAS REUNIDAS, S.A.

    SERVICES    (15.23 )   10.16    June 26, 2006

UNO-E BANK, S.A.

    BANKING    33.00     100.00    August 10, 2006

 

(1) Company absorbed by Textura Textil, S.L. in December 2005

 

14

EXHIBIT 8.1 PART V

SUBSIDIARIES FULLY CONSOLIDATED AS OF DECEMBER 31, 2006

WITH MORE THAN 5% OWNED BY NON-GROUP SHAREHOLDERS

 

         

% of voting rights

Controlled by the bank

Company

    Activity    Direct    Indirect    Other    Total

ADMINISTRADORA DE FONDOS DE PENSIONES PROVIDA (AFP PROVIDA)

    PENSIONS    12.70    51.62    —      64.32

AFP PREVISION BBV-ADM.DE FONDOS DE PENSIONES S.A.

    PENSIONS    75.00    5.00    —      80.00

ALTITUDE INVESTMENTS LIMITED

    FINANCIAL SERV.    51.00    —      —      51.00

ALTURA MARKETS, A.V., S.A.

    SECURITIES    50.00    —      —      50.00

BANCO BILBAO VIZCAYA ARGENTARIA CHILE, S.A.

    BANKING    60.92    6.92    —      67.84

BANCO PROVINCIAL S.A. - BANCO UNIVERSAL

    BANKING    1.85    53.75    —      55.60

BBVA & PARTNERS ALTERNATIVE INVESTMENT A.V., S.A.

    SECURITIES    70.00    —      —      70.00

BBVA CARTERA DE INVERSIONES, SICAV, S.A.

    PORTFOLIO    92.25    —      —      92.25

BBVA CRECER AFP, S.A.

    FINANCIAL SERV.    35.00    35.00    —      70.00

BBVA INMOBILIARIA E INVERSIONES S.A.

    REAL ESTATE    —      68.11    —      68.11

DESARROLLO URBANISTICO DE CHAMARTIN, S.A.

    REAL ESTATE    —      72.50    —      72.50

EL OASIS DE LAS RAMBLAS, S.L.

    REAL ESTATE    —      70.00    —      70.00

ESTACION DE AUTOBUSES CHAMARTIN, S.A.

    SERVICES    —      51.00    —      51.00

FINANZIA AUTORENTING, S.A.

    SERVICES    —      85.00    —      85.00

FORO LOCAL, S.L.

    SERVICES    —      60.13    —      60.13

GESTION DE PREVISION Y PENSIONES, S.A.

    PENSIONS    60.00    —      —      60.00

HOLDING CONTINENTAL, S.A.

    PORTFOLIO    50.00    —      —      50.00

IBERDROLA SERVICIOS FINANCIEROS, E.F.C, S.A.

    FINANCIAL SERV.    —      84.00    —      84.00

INVERSIONES BANPRO INTERNATIONAL INC. N.V.

    PORTFOLIO    48.01    —      —      48.01

JARDINES DE SARRIENA, S.L.

    REAL ESTATE    —      85.00    —      85.00

MIRADOR DE LA CARRASCOSA, S.L.

    REAL ESTATE    —      55.90    —      55.90

PERI 5.1 SOCIEDAD LIMITADA

    REAL ESTATE    —      54.99    —      54.99

PREVENTIS, S.A.

    INSURANCES    —      75.01    —      75.01

PRO-SALUD, C.A.

    SERVICES    —      58.86    —      58.86

PROMOTORA RESIDENCIAL GRAN EUROPA, S.L.

    REAL ESTATE    —      58.50    —      58.50

PROVINCIAL DE VALORES CASA DE BOLSA

    FINANCIAL SERV.    —      90.00    —      90.00

PROXIMA ALFA INVESTMENTS, SGIIC S.A.

    FINANCIAL SERV.    51.00    —      —      51.00

UNIDAD DE AVALUOS MEXICO S.A. DE C.V.

    FINANCIAL SERV.    —      90.00    —      90.00

VITAMEDICA S.A. DE C.V.

    INSURANCES    —      50.99    —      50.99

 

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