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BBVA PRIVANZA INTERNATIONAL (GIBRALTAR) LIMITED Announces Redemption of Preference Shares Series A

                                SYMBOL: BVG_P
                              CUSIP 059456 10 3

    MADRID, Spain, Oct. 16 /PRNewswire/ -- BBVA PRIVANZA INTERNATIONAL
(GIBRALTAR) LIMITED (NYSE: BVG_P) has today given notice that it intends to
redeem all outstanding Non-Cumulative Guaranteed Preference Shares Series A on
November 19, 2001, at the redemption price of U.S. $25.00 per share plus
U.S. $0.338542 per share representing dividends from September 30, 2001 to
November 19, 2001.
    The Bank of New York is the Redemption Agent.



SOURCE BBVA PRIVANZA INTERNATIONAL (GIBRALTAR) LIMITED




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    CONTACT:
    Jose Luis Dominguez of BBVA PRIVANZA
    INTERNATIONAL (GIBRALTAR) LIMITED, +011-34-91-537-4960