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APPENDIX II. Additional information on consolidated subsidiaries composing the BBVA Group

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Company  Location  Activity %of Voting Rights
Controlled by the Bank		 Thousands of Euros ( * )
Net Carrying Amount Affiliate Entity Data
Direct Indirect Total Assets
31.12.11		 Liabilities
31.12.11		 Equity
31.12.11		 Profit (Loss)
31.12.11
ADMINISTRADORA DE FONDOS DE PENSIONES PROVIDA, S.A. (AFP PROVIDA) CHILE PENSION FUNDS MANAGEMENT 12.70 51.62 64.32 294,327 576,887 114,652 345,782 116,453
ADMINISTRADORA DE FONDOS PARA EL RETIRO-BANCOMER,S.A DE C.V. MEXICO PENSION FUNDS MANAGEMENT 17.50 82.50 100.00 373,963 262,950 60,354 124,551 78,045
AFP GENESIS ADMINISTRADORA DE FONDOS Y FIDEICOMISOS, S.A. ECUADOR PENSION FUNDS MANAGEMENT - 100.00 100.00 6,272 10,754 4,456 1,983 4,315
AFP HORIZONTE, S.A. PERU PENSION FUNDS MANAGEMENT 24.85 75.15 100.00 52,943 88,333 25,610 39,065 23,658
AFP PREVISION BBV-ADM.DE FONDOS DE PENSIONES S.A. BOLIVIA PENSION FUNDS MANAGEMENT 75.00 5.00 80.00 2,063 9,937 3,808 4,460 1,669
AMERICAN FINANCE GROUP, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 16,141 17,120 978 16,112 30
ANIDA DESARROLLOS INMOBILIARIOS, S.L. SPAIN REAL ESTATE - 100.00 100.00 264,143 573,302 382,003 220,276 (28,977)
ANIDA GERMANIA IMMOBILIEN ONE, GMBH GERMANY REAL ESTATE - 100.00 100.00 4,377 20,186 15,301 4,588 297
ANIDA GRUPO INMOBILIARIO, S.L. (**) SPAIN INVESTMENT COMPANY 100.00 - 100.00 - (194,612) 617,252 (410,287) (401,577)
ANIDA INMOBILIARIA, S.A. DE C.V. MEXICO INVESTMENT COMPANY - 100.00 100.00 105,573 88,018 4 89,912 (1,898)
ANIDA OPERACIONES SINGULARES, S.L. (***) SPAIN REAL ESTATE - 100.00 100.00 (1,339,944) 6,034,090 7,373,296 (1,060,036) (279,170)
ANIDA PROYECTOS INMOBILIARIOS, S.A. DE C.V. MEXICO REAL ESTATE - 100.00 100.00 86,912 130,811 43,897 89,296 (2,382)
ANIDA SERVICIOS INMOBILIARIOS, S.A. DE C.V. MEXICO REAL ESTATE - 100.00 100.00 927 1,708 774 438 496
ANIDAPORT INVESTIMENTOS IMOBILIARIOS, UNIPESSOAL, LTDA PORTUGAL REAL ESTATE - 100.00 100.00 (3,603) 20,679 24,282 (2,189) (1,414)
APLICA SOLUCIONES ARGENTINAS, S.A. ARGENTINA IN LIQUIDATION - 100.00 100.00 853 980 103 1,440 (563)
APLICA SOLUCIONES TECNOLOGICAS CHILE LIMITADA CHILE SERVICES - 100.00 100.00 178 848 669 (65) 244
APLICA TECNOLOGIA AVANZADA OPERADORA, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 182 9,420 9,236 (3) 187
APLICA TECNOLOGIA AVANZADA SERVICIOS, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 16 1,349 1,341 2 6
APLICA TECNOLOGIA AVANZADA, S.A. DE C.V.- ATA MEXICO SERVICES 100.00 - 100.00 30,369 147,295 102,308 42,333 2,654
ARIZONA FINANCIAL PRODUCTS, INC UNITED STATES FINANCIAL SERVICES - 100.00 100.00 747,408 749,647 2,238 742,050 5,359
AUTOMERCANTIL-COMERCIO E ALUGER DE VEICULOS AUTOM.,LDA PORTUGAL FINANCIAL SERVICES 100.00 - 100.00 8,476 39,361 31,445 8,786 (870)
BAHIA SUR RESORT, S.C. SPAIN INACTIVE 99.95 - 99.95 1,436 1,438 15 1,423 -
BANCO BILBAO VIZCAYA ARGENTARIA (PANAMA), S.A. PANAMA BANKING 54.11 44.81 98.92 19,464 1,670,329 1,429,801 215,028 25,500
BANCO BILBAO VIZCAYA ARGENTARIA (PORTUGAL), S.A. PORTUGAL BANKING 41.09 58.91 100.00 343,492 7,139,601 6,800,126 357,240 (17,765)
BANCO BILBAO VIZCAYA ARGENTARIA CHILE, S.A. CHILE BANKING - 68.18 68.18 570,382 12,488,604 11,650,550 727,432 110,622
BANCO BILBAO VIZCAYA ARGENTARIA PUERTO RICO PUERTO RICO BANKING - 100.00 100.00 184,514 3,847,933 3,394,583 430,337 23,013
BANCO BILBAO VIZCAYA ARGENTARIA URUGUAY, S.A. URUGUAY BANKING 100.00 - 100.00 100,451 1,925,770 1,809,536 143,238 (27,004)
BANCO CONTINENTAL, S.A. (1) PERU BANKING - 92.24 92.24 979,492 12,118,442 11,056,583 767,269 294,590
BANCO DE PROMOCION DE NEGOCIOS, S.A. SPAIN BANKING - 99.86 99.86 15,173 33,228 200 32,578 450
BANCO DEPOSITARIO BBVA, S.A. SPAIN BANKING - 100.00 100.00 1,595 981,089 905,865 58,628 16,596
BANCO INDUSTRIAL DE BILBAO, S.A. SPAIN BANKING - 99.93 99.93 97,220 225,069 2,517 217,825 4,727
BANCO OCCIDENTAL, S.A. SPAIN BANKING 49.43 50.57 100.00 16,511 18,020 50 17,741 229
BANCO PROVINCIAL OVERSEAS N.V.(2) CURAÇAO BANKING - 100.00 100.00 46,177 320,412 272,968 26,442 21,002
BANCO PROVINCIAL S.A. - BANCO UNIVERSAL VENEZUELA BANKING 1.85 53.75 55.60 494,702 12,906,067 11,497,031 1,095,391 313,645
BANCOMER FINANCIAL SERVICES INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 2,034 2,267 233 1,996 38
BANCOMER FOREIGN EXCHANGE INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 3,346 5,316 1,968 1,604 1,744
BANCOMER PAYMENT SERVICES INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 32 36 3 35 (2)
BANCOMER TRANSFER SERVICES, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 27,199 78,712 51,513 18,954 8,245
BBV AMERICA, S.L. SPAIN INVESTMENT COMPANY 100.00 - 100.00 479,328 1,621,755 23,138 1,417,949 180,668
(*) Information on foreign companies at exchange rate on December 31, 2011 (**) This company has an equity loan from BBVA, S.A. (***) This company has an equity loan from ANIDA GRUPO INMOBILIARIO, S.L. In addition, the company has recognized impairment losses arising in its annual accounts due to property, real estate and stocks, which according to Royal Decree-Law 5/2010 of March 31, are not counted for purposes of Article 363 of the Companies Act Capital. (1) The percentage of voting rights is the result of the agreements entered into with shareholders that enable the control of the entity. The ownership percentage is 46.1%. (2) The percentage of voting rights is the result of the agreements entered into with shareholders that enable the control of the entity. The ownership percentage is 48.0%.
Company Location Activity %of Voting Rights
Controlled by the Bank		 Thousands of Euros ( * )
Net Carrying Amount Affiliate Entity Data
Direct Indirect Total Assets
31.12.11		 Liabilities
31.12.11		 Equity
31.12.11		 Profit (Loss)
31.12.11
BBVA & PARTNERS ALTERNATIVE INVESTMENT A.V., S.A. SPAIN SECURITIES DEALER 100.00 - 100.00 5,831 7,715 47 7,641 27
BBVA ASESORIAS FINANCIERAS, S.A. CHILE FINANCIAL SERVICES - 100.00 100.00 5,153 6,462 1,310 860 4,292
BBVA ASSET MANAGEMENT (IRELAND) LIMITED IRELAND IN LIQUIDATION - 100.00 100.00 168 218 50 233 (65)
BBVA ASSET MANAGEMENT ADMINISTRADORA GENERAL DE FONDOS S.A. CHILE FINANCIAL SERVICES - 100.00 100.00 15,170 17,215 2,044 8,911 6,260
BBVA ASSET MANAGEMENT, S.A. SOCIEDAD FIDUCIARIA (BBVA FIDUCIARIA) COLOMBIA FINANCIAL SERVICES - 100.00 100.00 27,973 31,578 3,574 21,361 6,643
BBVA ASSET MANAGEMENT, S.A., SGIIC SPAIN FINANCIAL SERVICES 17.00 83.00 100.00 11,436 155,473 56,142 81,349 17,982
BBVA AUTORENTING SPA ITALY SERVICES - 100.00 100.00 67,785 324,395 287,914 33,609 2,872
BBVA BANCO DE FINANCIACION S.A. SPAIN BANKING - 100.00 100.00 64,200 5,582,973 5,509,776 72,660 537
BBVA BANCO FRANCES, S.A. ARGENTINA BANKING 45.61 30.43 76.04 197,486 6,736,137 6,037,782 523,372 174,983
BBVA BANCOMER GESTION, S.A. DE C.V. MEXICO FINANCIAL SERVICES - 100.00 100.00 30,060 47,939 17,881 12,243 17,815
BBVA BANCOMER OPERADORA, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 42,317 242,141 199,825 37,765 4,551
BBVA BANCOMER SERVICIOS ADMINISTRATIVOS, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 516 37,957 37,443 486 28
BBVA BANCOMER USA, INC. UNITED STATES INVESTMENT COMPANY - 100.00 100.00 37,917 36,465 (1,461) 27,910 10,016
BBVA BANCOMER, S.A.,INSTITUCION DE BANCA MÚLTIPLE, GRUPO FINANCIERO BBVA BANCOMER MEXICO BANKING - 100.00 100.00 6,394,937 69,157,933 62,777,123 5,024,054 1,356,756
BBVA BRASIL BANCO DE INVESTIMENTO, S.A. BRASIL BANKING 100.00 - 100.00 16,166 46,553 5,918 37,496 3,139
BBVA BROKER, CORREDURIA DE SEGUROS Y REASEGUROS, S.A. SPAIN FINANCIAL SERVICES 99.94 0.06 100.00 297 42,103 5,411 31,044 5,648
BBVA CAPITAL FINANCE, S.A. SPAIN FINANCIAL SERVICES 100.00 - 100.00 60 55,750 55,339 358 53
BBVA CARTERA DE INVERSIONES,SICAV,S.A. SPAIN VARIABLE CAPITAL 100.00 - 100.00 118,459 123,985 148 119,962 3,875
BBVA COLOMBIA, S.A. COLOMBIA BANKING 76.20 19.23 95.43 399,008 10,391,071 9,370,592 832,236 188,243
BBVA COMERCIALIZADORA LTDA. CHILE FINANCIAL SERVICES - 100.00 100.00 132 3,133 3,000 (1,073) 1,206
BBVA COMPASS BANCSHARES, INC. UNITED STATES INVESTMENT COMPANY - 100.00 100.00 8,081,622 8,177,773 96,150 9,314,735 (1,233,112)
BBVA COMPASS CONSULTING & BENEFITS, INC UNITED STATES FINANCIAL SERVICES - 100.00 100.00 13,886 14,131 246 13,888 (3)
BBVA COMPASS INSURANCE AGENCY, INC UNITED STATES FINANCIAL SERVICES - 100.00 100.00 159,234 166,200 6,965 151,958 7,277
BBVA COMPASS INVESTMENT SOLUTIONS, INC UNITED STATES FINANCIAL SERVICES - 100.00 100.00 65,092 76,274 11,182 53,691 11,401
BBVA CONSOLIDAR SEGUROS, S.A. ARGENTINA INSURANCES SERVICES 87.78 12.22 100.00 7,198 65,733 43,539 18,652 3,542
BBVA CONSULTING ( BEIJING) LIMITED CHINA FINANCIAL SERVICES - 100.00 100.00 477 1,003 311 574 118
BBVA CONSULTORIA, S.A. SPAIN SERVICES - 100.00 100.00 2,227 5,210 619 3,550 1,041
BBVA CORREDORA TECNICA DE SEGUROS LIMITADA CHILE FINANCIAL SERVICES - 100.00 100.00 20,056 22,973 2,916 12,390 7,667
BBVA CORREDORES DE BOLSA LIMITADA CHILE SECURITIES DEALER - 100.00 100.00 47,496 526,887 479,391 44,958 2,538
BBVA DINERO EXPRESS, S.A.U SPAIN FINANCIAL SERVICES 100.00 - 100.00 2,186 7,816 2,442 5,220 154
BBVA DISTRIBUIDORA DE SEGUROS S.R.L. URUGUAY FINANCIAL SERVICES - 100.00 100.00 143 252 111 99 42
BBVA FACTORING LIMITADA (CHILE) CHILE FINANCIAL SERVICES - 100.00 100.00 6,290 55,138 48,848 6,270 20
BBVA FINANCE (UK), LTD. UNITED KINGDOM FINANCIAL SERVICES - 100.00 100.00 3,324 11,659 16 11,607 36
BBVA FINANCE SPA. ITALY FINANCIAL SERVICES 100.00 - 100.00 4,648 6,585 1,034 5,437 114
BBVA FINANCIAMIENTO AUTOMOTRIZ, S.A. CHILE INVESTMENT COMPANY - 100.00 100.00 139,004 247,461 108,455 112,551 26,455
BBVA FINANZIA, S.p.A ITALY FINANCIAL SERVICES 100.00 - 100.00 23,897 853,463 829,566 32,796 (8,899)
BBVA FRANCES ASSET MANAGMENT S.A. SOCIEDAD GERENTE DE FONDOS COMUNES DE INVERSIÓN. ARGENTINA FINANCIAL SERVICES - 100.00 100.00 8,709 12,491 3,781 7,066 1,644
BBVA FRANCES VALORES SOCIEDAD DE BOLSA, S.A. ARGENTINA FINANCIAL SERVICES - 100.00 100.00 2,447 3,745 1,298 2,228 219
BBVA FUNDOS, S.Gestora Fundos Pensoes,S.A. PORTUGAL FINANCIAL SERVICES - 100.00 100.00 998 10,780 577 8,235 1,968
(*) Information on foreign companies at exchange rate on December 31, 2011
Company Location Activity Controlled by the Bank Thousands of Euros ( * )
Net Carrying Amount Affiliate Entity Data
Direct Indirect Total Assets
31.12.11		 Liabilities
31.12.11		 Equity
31.12.11		 Profit (Loss)
31.12.11
BBVA GEST, S.G.DE FUNDOS DE INVESTIMENTO MOBILIARIO, S.A. PORTUGAL FINANCIAL SERVICES - 100.00 100.00 998 7,491 132 7,085 274
BBVA GLOBAL FINANCE LTD. CAYMAN ISLANDS FINANCIAL SERVICES 100.00 - 100.00 - 571,250 567,461 3,821 (32)
BBVA GLOBAL MARKETS B.V. NETHERLANDS FINANCIAL SERVICES 100.00 - 100.00 37 306,974 306,960 23 (9)
BBVA HORIZONTE PENSIONES Y CESANTIAS, S.A. COLOMBIA PENSION FUNDS MANAGEMENT 78.52 21.44 99.96 62,061 184,016 39,391 121,877 22,748
BBVA INMOBILIARIA E INVERSIONES, S.A. CHILE REAL ESTATE - 68.11 68.11 5,182 43,842 36,234 7,692 (84)
BBVA INSTITUIÇAO FINANCEIRA DE CREDITO, S.A. PORTUGAL FINANCIAL SERVICES 49.90 50.10 100.00 33,148 418,046 374,425 41,323 2,298
BBVA INTERNATIONAL LIMITED CAYMAN ISLANDS FINANCIAL SERVICES 100.00 - 100.00 1 16,111 13,532 2,664 (85)
BBVA INTERNATIONAL PREFERRED, S.A.U. SPAIN FINANCIAL SERVICES 100.00 - 100.00 60 1,723,047 1,722,329 769 (51)
BBVA INVERSIONES CHILE, S.A. CHILE FINANCIAL SERVICES 61.22 38.78 100.00 617,330 1,400,426 2,428 1,195,138 202,860
BBVA IRELAND PLC IRELAND FINANCIAL SERVICES 100.00 - 100.00 180,381 1,499,148 1,120,980 365,957 12,211
BBVA LEASIMO - SOCIEDADE DE LOCAÇAO FINANCEIRA, S.A. PORTUGAL FINANCIAL SERVICES - 100.00 100.00 10,113 24,878 14,764 10,164 (50)
BBVA LUXINVEST, S.A. LUXEMBOURG INVESTMENT COMPANY 36.00 64.00 100.00 255,843 1,380,672 72,161 1,406,909 (98,398)
BBVA MEDIACION OPERADOR DE BANCA-SEGUROS VINCULADO, S.A. SPAIN FINANCIAL SERVICES - 100.00 100.00 60 73,103 62,681 5,798 4,624
BBVA NOMINEES LIMITED UNITED KINGDOM SERVICES 100.00 - 100.00 - 1 - 1 -
BBVA PARAGUAY, S.A. PARAGUAY BANKING 100.00 - 100.00 22,598 1,293,789 1,170,341 105,463 17,985
BBVA PARTICIPACIONES MEJICANAS, S.L. SPAIN INVESTMENT COMPANY 99.00 1.00 100.00 57 146 - 61 85
BBVA PATRIMONIOS GESTORA SGIIC, S.A. SPAIN FINANCIAL SERVICES 99.98 0.02 100.00 3,907 27,825 3,097 20,177 4,551
BBVA PENSIONES, SA, ENTIDAD GESTORA DE FONDOS DE PENSIONES SPAIN PENSION FUNDS MANAGEMENT 100.00 - 100.00 12,922 71,044 33,302 25,941 11,801
BBVA PLANIFICACION PATRIMONIAL, S.L. SPAIN FINANCIAL SERVICES 80.00 20.00 100.00 1 520 5 499 16
BBVA PROPIEDAD, S.A. SPAIN REAL ESTATE INVESTMENT COMPANY - 100.00 100.00 1,322,422 1,406,279 50,235 1,394,242 (38,198)
BBVA RE LIMITED IRELAND INSURANCES SERVICES - 100.00 100.00 656 75,941 42,713 27,284 5,944
BBVA RENTING, S.A. SPAIN FINANCIAL SERVICES 5.94 94.06 100.00 21,018 848,550 743,071 92,024 13,455
BBVA RENTING, SPA ITALY SERVICES - 100.00 100.00 8,453 102,457 99,411 5,525 (2,479)
BBVA SECURITIES INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 78,363 105,828 31,212 90,943 (16,327)
BBVA SECURITIES OF PUERTO RICO, INC. PUERTO RICO FINANCIAL SERVICES 100.00 - 100.00 4,726 7,526 787 6,434 305
BBVA SEGUROS COLOMBIA, S.A. COLOMBIA INSURANCES SERVICES 94.00 6.00 100.00 9,443 50,273 35,010 14,235 1,028
BBVA SEGUROS DE VIDA COLOMBIA, S.A. COLOMBIA INSURANCES SERVICES 94.00 6.00 100.00 13,885 390,249 323,584 53,407 13,258
BBVA SEGUROS DE VIDA, S.A. CHILE INSURANCES SERVICES - 100.00 100.00 79,524 345,626 265,678 54,263 25,685
BBVA SEGUROS INC. PUERTO RICO FINANCIAL SERVICES - 100.00 100.00 193 6,891 664 5,078 1,149
BBVA SEGUROS, S.A., DE SEGUROS Y REASEGUROS SPAIN INSURANCES SERVICES 94.30 5.65 99.95 411,099 13,807,365 13,277,899 262,525 266,941
BBVA SENIOR FINANCE, S.A.U. SPAIN FINANCIAL SERVICES 100.00 - 100.00 60 16,349,503 16,348,362 728 413
BBVA SERVICIOS CORPORATIVOS LIMITADA CHILE FINANCIAL SERVICES - 100.00 100.00 4,010 13,984 9,969 1,195 2,820
BBVA SERVICIOS, S.A. SPAIN SERVICES - 100.00 100.00 354 11,607 2,819 7,031 1,757
BBVA SOCIEDAD DE LEASING INMOBILIARIO, S.A. CHILE FINANCIAL SERVICES - 97.49 97.49 17,107 67,893 50,344 15,364 2,185
BBVA SUBORDINATED CAPITAL S.A.U. SPAIN FINANCIAL SERVICES 100.00 - 100.00 130 2,212,310 2,211,687 510 113
BBVA SUIZA, S.A. (BBVA SWITZERLAND) SWITZERLAND BANKING 39.72 60.28 100.00 58,107 1,457,665 1,028,628 409,758 19,279
BBVA TRADE, S.A. SPAIN INVESTMENT COMPANY - 100.00 100.00 6,379 24,473 11,035 10,238 3,200
BBVA U.S. SENIOR S.A.U. SPAIN FINANCIAL SERVICES 100.00 - 100.00 255 1,393,435 1,393,337 124 (26)
BBVA USA BANCSHARES, INC UNITED STATES INVESTMENT COMPANY 100.00 - 100.00 7,804,414 8,108,679 387 9,341,918 (1,233,626)
(*) Information on foreign companies at exchange rate on December 31, 2011
Company Location Activity %of Voting Rights
Controlled by the Bank		 Thousands of Euros ( * )
Net Carrying Amount Affiliate Entity Data
Direct Indirect Total Assets
31.12.11		 Liabilities
31.12.11		 Equity
31.12.11		 Profit (Loss)
31.12.11
BBVA VALORES COLOMBIA, S.A. COMISIONISTA DE BOLSA COLOMBIA SECURITIES DEALER - 100.00 100.00 4,406 5,079 660 3,786 633
BBVA WEALTH SOLUTIONS, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 25,388 26,069 680 26,171 (782)
BBVAPR HOLDING CORPORATION PUERTO RICO INVESTMENT COMPANY 100.00 - 100.00 322,837 184,807 7 184,888 (88)
BILBAO VIZCAYA HOLDING, S.A. SPAIN INVESTMENT COMPANY 89.00 11.00 100.00 34,771 230,364 15,948 212,643 1,773
BLUE INDICO INVESTMENTS, S.L. SPAIN INVESTMENT COMPANY 100.00 - 100.00 49,106 60,620 1,017 54,652 4,951
C B TRANSPORT ,INC. UNITED STATES SERVICES - 100.00 100.00 13,004 13,545 540 12,846 159
CAPITAL INVESTMENT COUNSEL, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 25,883 27,848 1,965 23,716 2,167
CARTERA E INVERSIONES S.A., CIA DE SPAIN INVESTMENT COMPANY 100.00 - 100.00 92,018 257,959 148,523 (396,086) 505,522
CASA DE BOLSA BBVA BANCOMER , S.A. DE C.V. MEXICO FINANCIAL SERVICES - 100.00 100.00 68,810 85,804 16,993 41,421 27,390
CASA DE CAMBIO MULTIDIVISAS, S.A. DE C.V. MEXICO IN LIQUIDATION - 100.00 100.00 157 157 - 156 1
CIA. GLOBAL DE MANDATOS Y REPRESENTACIONES, S.A. URUGUAY IN LIQUIDATION - 100.00 100.00 108 194 2 192 -
CIDESSA DOS, S.L. SPAIN INVESTMENT COMPANY - 100.00 100.00 17,156 24,219 118 12,067 12,034
CIDESSA UNO, S.L. SPAIN INVESTMENT COMPANY - 100.00 100.00 4,754 487,198 122 376,087 110,989
CIERVANA, S.L. SPAIN INVESTMENT COMPANY 100.00 - 100.00 53,164 73,621 3,273 66,565 3,783
COMERCIALIZADORA CORPORATIVA SAC (1) PERU FINANCIAL SERVICES - 99.99 99.99 158 1,021 863 465 (307)
COMERCIALIZADORA DE SERVICIOS FINANCIEROS, S.A. COLOMBIA SERVICES - 100.00 100.00 1,113 2,194 1,078 928 188
COMPASS ASSET ACCEPTANCE COMPANY, LLC UNITED STATES FINANCIAL SERVICES - 100.00 100.00 376,383 376,382 - 375,525 857
COMPASS AUTO RECEIVABLES CORPORATION UNITED STATES FINANCIAL SERVICES - 100.00 100.00 3,226 3,227 1 3,227 (1)
COMPASS BANK UNITED STATES BANKING - 100.00 100.00 8,049,661 52,564,841 44,515,180 9,280,137 (1,230,476)
COMPASS CAPITAL MARKETS, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 5,918,757 5,918,757 - 5,842,516 76,241
COMPASS CUSTODIAL SERVICES, INC. UNITED STATES INACTIVE - 100.00 100.00 1 1 - 1 -
COMPASS FINANCIAL CORPORATION UNITED STATES FINANCIAL SERVICES - 100.00 100.00 9,134 55,931 46,797 7,253 1,881
COMPASS GP, INC. UNITED STATES INVESTMENT COMPANY - 100.00 100.00 36,431 45,704 9,273 35,975 456
COMPASS INVESTMENTS, INC. UNITED STATES INACTIVE - 100.00 100.00 1 1 - 1 -
COMPASS LIMITED PARTNER, INC. UNITED STATES INVESTMENT COMPANY - 100.00 100.00 5,134,916 5,135,367 451 5,064,494 70,422
COMPASS LOAN HOLDINGS TRS, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 62,110 62,114 4 60,209 1,901
COMPASS MORTGAGE CORPORATION UNITED STATES FINANCIAL SERVICES - 100.00 100.00 2,019,328 2,019,518 189 2,002,835 16,494
COMPASS MORTGAGE FINANCING, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 27 27 - 27 -
COMPASS MULTISTATE SERVICES CORPORATION UNITED STATES SERVICES - 100.00 100.00 2,899 3,084 186 2,898 -
COMPASS SOUTHWEST, LP UNITED STATES BANKING - 100.00 100.00 4,224,601 4,224,894 294 4,170,369 54,231
COMPASS TEXAS ACQUISITION CORPORATION UNITED STATES INACTIVE - 100.00 100.00 1,749 1,766 17 1,750 (1)
COMPASS TEXAS MORTGAGE FINANCING, INC UNITED STATES FINANCIAL SERVICES - 100.00 100.00 27 27 - 27 -
COMPASS TRUST II UNITED STATES INACTIVE - 100.00 100.00 - 1 - 1 -
COMPASS WEALTH MANAGERS COMPANY UNITED STATES INACTIVE - 100.00 100.00 1 1 - 1 -
COMPAÑIA CHILENA DE INVERSIONES, S.L. SPAIN INVESTMENT COMPANY 100.00 - 100.00 580,314 628,637 628 623,785 4,224
CONSOLIDAR A.F.J.P., S.A. ARGENTINA PENSION FUNDS MANAGEMENT 46.11 53.89 100.00 1,964 24,356 20,715 7,239 (3,598)
CONSOLIDAR ASEGURADORA DE RIESGOS DEL TRABAJO, S.A. ARGENTINA INSURANCES SERVICES 87.50 12.50 100.00 33,694 291,818 247,509 37,912 6,397
CONTENTS AREA, S.L. SPAIN SERVICES - 100.00 100.00 2,528 5,469 2,309 5,411 (2,251)
(*) Information on foreign companies at exchange rate on December 31, 2011 (1) The percentage of voting rights is the result of the agreements entered into with shareholders that enable the control of the entity. The ownership percentage is 50.0%.
Company Location Activity %of Voting Rights
Controlled by the Bank		 Thousands of Euros ( * )
Net Carrying Amount Affiliate Entity Data
Direct Indirect Total Assets
31.12.11		 Liabilities
31.12.11		 Equity
31.12.11		 Profit (Loss)
31.12.11
CONTINENTAL BOLSA, SDAD. AGENTE DE BOLSA, S.A.(1) PERU SECURITIES DEALER - 100.00 100.00 8,507 14,679 6,174 6,082 2,423
CONTINENTAL DPR FINANCE COMPANY (1) CAYMAN ISLANDS FINANCIAL SERVICES - 100.00 100.00 - 323,582 323,581 1 -
CONTINENTAL S.A. SOCIEDAD ADMINISTRADORA DE FONDOS (1) PERU FINANCIAL SERVICES - 100.00 100.00 11,227 14,667 3,441 8,774 2,452
CONTINENTAL SOCIEDAD TITULIZADORA, S.A.(1) PERU FINANCIAL SERVICES - 100.00 100.00 488 525 35 476 14
CONTRATACION DE PERSONAL, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 2,897 10,218 7,319 2,395 504
COPROMED S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 74 769 793 102 (126)
CORPORACION GENERAL FINANCIERA, S.A. SPAIN INVESTMENT COMPANY 100.00 - 100.00 509,716 1,939,644 741,658 1,017,587 180,399
DESARROLLADORA Y VENDEDORA DE CASAS, S.A MEXICO REAL ESTATE - 100.00 100.00 7 8 1 12 (5)
DESARROLLO URBANISTICO DE CHAMARTIN, S.A. SPAIN REAL ESTATE - 72.50 72.50 52,125 92,626 20,733 71,955 (62)
DESITEL TECNOLOGIA Y SISTEMAS, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 1,521 1,524 3 1,480 41
ECASA, S.A. CHILE FINANCIAL SERVICES - 100.00 100.00 5,724 7,421 1,696 55 5,670
ECONTA GESTION INTEGRAL, S.L. SPAIN SERVICES - 100.00 100.00 522 2,170 1,523 1,333 (686)
EL ENCINAR METROPOLITANO, S.A. SPAIN REAL ESTATE - 99.04 99.04 4,564 7,643 1,054 6,183 406
EL MILANILLO, S.A. SPAIN REAL ESTATE 100.00 - 100.00 16,508 15,658 17 18,343 (2,702)
EL OASIS DE LAS RAMBLAS, S.L. SPAIN REAL ESTATE - 70.00 70.00 167 285 122 282 (119)
EMPRENDIMIENTOS DE VALOR S.A. URUGUAY FINANCIAL SERVICES - 100.00 100.00 2,603 7,788 3,711 3,091 986
ENTRE2 SERVICIOS FINANCIEROS, E.F.C., S.A. SPAIN FINANCIAL SERVICES - 100.00 100.00 9,139 9,582 31 9,503 48
ESPANHOLA COMERCIAL E SERVIÇOS, LTDA. BRASIL FINANCIAL SERVICES 100.00 - 100.00 - 731 410 6,104 (5,783)
ESTACION DE AUTOBUSES CHAMARTIN, S.A. SPAIN SERVICES - 51.00 51.00 31 30 - 30 -
EUROPEA DE TITULIZACION, S.A., S.G.F.T. SPAIN FINANCIAL SERVICES 87.50 - 87.50 1,974 31,917 3,434 22,588 5,895
FACILEASING EQUIPMENT, S.A. DE C.V. MEXICO FINANCIAL SERVICES - 100.00 100.00 49,246 459,491 408,790 47,647 3,054
FACILEASING S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 20,138 85,459 75,194 8,702 1,563
FIDEICOMISO 28991-8 TRADING EN LOS MCADOS FINANCIEROS MEXICO FINANCIAL SERVICES - 100.00 100.00 2,051 2,051 93 1,740 218
FIDEICOMISO F/29763-0 SOCIO LIQUIDADOR DE OPERACIONES FINANCIERAS DERIVADAS CUENTA PROPIA MEXICO FINANCIAL SERVICES - 100.00 100.00 19,928 20,087 159 18,650 1,278
FIDEICOMISO F/29764-8 SOCIO LIQUIDADOR DE OPERACIONES FINANCIERAS DERIVADAS CUENTA TERCEROS MEXICO FINANCIAL SERVICES - 100.00 100.00 34,405 34,796 391 30,945 3,460
FIDEICOMISO HARES BBVA BANCOMER F/ 47997-2 MEXICO REAL ESTATE - 89.97 89.97 24,192 26,505 1,179 23,950 1,376
FIDEICOMISO Nº 711, EN BANCO INVEX, S.A.,INSTITUCION DE BANCA MULTIPLE, INVEX GRUPO FINANCIERO, FIDUCIARIO (FIDEIC. INVEX 1ª EMISION) MEXICO FINANCIAL SERVICES - 100.00 100.00 - 86,819 84,677 3,208 (1,066)
FIDEICOMISO Nº 752, EN BANCO INVEX, S.A.,INSTITUCION DE BANCA MULTIPLE, INVEX GRUPO FINANCIERO, FIDUCIARIO (FIDEIC. INVEX 2ª EMISION) MEXICO FINANCIAL SERVICES - 100.00 100.00 - 40,705 39,900 1,357 (552)
FIDEICOMISO Nº 781, EN BANCO INVEX, S.A.,INSTITUCION DE BANCA MULTIPLE, INVEX GRUPO FINANCIERO, FIDUCIARIO (FIDEIC. INVEX 3ª EMISION) MEXICO FINANCIAL SERVICES - 100.00 100.00 - 243,795 215,869 18,137 9,789
FIDEICOMISO Nº 847, EN BANCO INVEX, S.A.,INSTITUCION DE BANCA MULTIPLE, INVEX GRUPO FINANCIERO, FIDUCIARIO (FIDEIC. INVEX 4ª EMISION) MEXICO FINANCIAL SERVICES - 100.00 100.00 26 214,558 213,841 (2,179) 2,896
FIDEICOMISO Nº.402900-5 ADMINISTRACION DE INMUEBLES MEXICO FINANCIAL SERVICES - 100.00 100.00 2,611 2,823 208 2,615 -
FINANCEIRA DO COMERCIO EXTERIOR S.A.R. PORTUGAL INACTIVE 100.00 - 100.00 51 35 1 35 (1)
FINANCIERA AYUDAMOS S.A. DE C.V., SOFOMER MEXICO FINANCIAL SERVICES - 100.00 100.00 5,027 20,770 15,743 10,416 (5,389)
FINANZIA AUTORENTING, S.A. SPAIN SERVICES 100.00 - 100.00 68,561 496,100 471,727 15,469 8,904
FORUM COMERCIALIZADORA DEL PERU, S.A. PERU SERVICES - 100.00 100.00 9,837 10,529 688 10,276 (435)
FORUM DISTRIBUIDORA DEL PERU, S.A. PERU FINANCIAL SERVICES - 100.00 100.00 6,251 6,276 21 6,302 (47)
FORUM DISTRIBUIDORA, S.A. CHILE FINANCIAL SERVICES - 75.52 75.52 11,463 114,658 102,920 8,478 3,260
FORUM SERVICIOS FINANCIEROS, S.A. CHILE FINANCIAL SERVICES - 75.50 75.50 98,520 849,039 740,878 64,507 43,654
FUTURO FAMILIAR, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 515 1,752 1,236 399 117
(*) Information on foreign companies at exchange rate on December 31, 2011 (1) The percentage of voting rights is the result of the agreements entered into with shareholders that enable the control of the entity. The ownership percentage is 46.1%.
Company Location Activity %of Voting Rights
Controlled by the Bank		 Thousands of Euros ( * )
Net Carrying Amount Affiliate Entity Data
Direct Indirect Total Assets
31.12.11		 Liabilities
31.12.11		 Equity
31.12.11		 Profit (Loss)
31.12.11
GESTION DE PREVISION Y PENSIONES, S.A. SPAIN PENSION FUNDS MANAGEMENT 60.00 - 60.00 8,830 25,550 1,798 20,870 2,882
GESTION Y ADMINISTRACION DE RECIBOS, S.A. SPAIN SERVICES 99.96 0.04 100.00 150 2,281 341 1,887 53
GOBERNALIA GLOBAL NET, S.A. SPAIN SERVICES - 100.00 100.00 948 2,723 358 1,598 767
GRAN JORGE JUAN, S.A. SPAIN REAL ESTATE 100.00 - 100.00 293,646 716,526 457,010 242,217 17,299
GRANFIDUCIARIA COLOMBIA IN LIQUIDATION - 90.00 90.00 - 169 130 90 (51)
GRUPO FINANCIERO BBVA BANCOMER, S.A. DE C.V. MEXICO FINANCIAL SERVICES 99.97 - 99.97 6,677,151 7,390,699 949 5,787,052 1,602,698
GRUPO PROFESIONAL PLANEACION Y PROYECTOS, S.A. DE C.V. MEXICO SERVICES - 72.06 72.06 5,925 22,033 13,810 10,822 (2,599)
GUARANTY BUSINESS CREDIT CORPORATION UNITED STATES FINANCIAL SERVICES - 100.00 100.00 28,283 29,698 1,415 28,037 246
GUARANTY PLUS HOLDING COMPANY UNITED STATES FINANCIAL SERVICES - 100.00 100.00 (26,344) 47,495 73,841 (24,825) (1,521)
GUARANTY PLUS PROPERTIES LLC-2 UNITED STATES FINANCIAL SERVICES - 100.00 100.00 36,018 36,066 48 36,174 (156)
GUARANTY PLUS PROPERTIES, INC-1 UNITED STATES FINANCIAL SERVICES - 100.00 100.00 9,649 9,654 5 9,654 (5)
HIPOTECARIA NACIONAL MEXICANA INCORPORATED UNITED STATES REAL ESTATE - 100.00 100.00 233 324 92 316 (84)
HIPOTECARIA NACIONAL, S.A. DE C.V. MEXICO FINANCIAL SERVICES - 100.00 100.00 31,975 55,887 8,077 44,950 2,860
HOLDING CONTINENTAL, S.A. PERU INVESTMENT COMPANY 50.00 - 50.00 123,678 1,035,228 1,201 750,007 284,020
HOMEOWNERS LOAN CORPORATION UNITED STATES INACTIVE - 100.00 100.00 7,793 8,041 247 8,023 (229)
HUMAN RESOURCES PROVIDER, INC UNITED STATES SERVICES - 100.00 100.00 647,531 647,701 169 644,018 3,514
HUMAN RESOURCES SUPPORT, INC UNITED STATES SERVICES - 100.00 100.00 645,397 645,397 - 642,178 3,219
IBERNEGOCIO DE TRADE, S.L. SPAIN SERVICES - 100.00 100.00 5,115 11,705 - 3,688 8,017
INGENIERIA EMPRESARIAL MULTIBA, S.A. DE C.V. MEXICO SERVICES - 99.99 99.99 - - - - -
INMUEBLES Y RECUPERACIONES CONTINENTAL S.A (1) PERU REAL ESTATE - 100.00 100.00 4,819 7,023 2,204 738 4,081
INVERAHORRO, S.L. (**) SPAIN INVESTMENT COMPANY 100.00 - 100.00 - 85,866 88,284 (1,580) (838)
INVERSIONES ALDAMA, C.A. VENEZUELA IN LIQUIDATION - 100.00 100.00 - - - - -
INVERSIONES BANPRO INTERNATIONAL INC. N.V. CURAÇAO IN LIQUIDATION 48.00 - 48.00 11,390 49,013 1,358 26,650 21,005
INVERSIONES BAPROBA, C.A. VENEZUELA FINANCIAL SERVICES 100.00 - 100.00 1,307 1,407 48 1,568 (209)
INVERSIONES P.H.R.4, C.A. VENEZUELA IN LIQUIDATION - 60.46 60.46 - 27 - 27 -
INVERSORA OTAR, S.A. ARGENTINA INVESTMENT COMPANY - 99.96 99.96 58,836 66,264 968 50,777 14,519
INVESCO MANAGEMENT Nº 1, S.A. LUXEMBOURG FINANCIAL SERVICES - 100.00 100.00 9,145 9,306 193 9,721 (608)
INVESCO MANAGEMENT Nº 2, S.A. LUXEMBOURG FINANCIAL SERVICES - 100.00 100.00 - 6,517 17,066 (9,302) (1,247)
LIQUIDITY ADVISORS, L.P UNITED STATES FINANCIAL SERVICES - 100.00 100.00 945,337 945,398 60 930,585 14,753
MISAPRE, S.A. DE C.V. MEXICO FINANCIAL SERVICES - 100.00 100.00 14,379 14,295 6,655 9,047 (1,407)
MULTIASISTENCIA OPERADORA S.A. DE C.V. MEXICO INSURANCES SERVICES - 100.00 100.00 124 947 824 109 14
MULTIASISTENCIA SERVICIOS S.A. DE C.V. MEXICO INSURANCES SERVICES - 100.00 100.00 366 1,778 1,412 348 18
MULTIASISTENCIA, S.A. DE C.V. MEXICO INSURANCES SERVICES - 100.00 100.00 19,505 24,467 4,959 16,480 3,028
OPCION VOLCAN, S.A. MEXICO REAL ESTATE - 100.00 100.00 64,253 67,324 3,071 60,303 3,950
OPPLUS OPERACIONES Y SERVICIOS, S.A. SPAIN SERVICES 100.00 - 100.00 1,067 22,594 11,706 7,812 3,076
OPPLUS S.A.C PERU SERVICES - 100.00 100.00 639 1,547 674 829 44
PARTICIPACIONES ARENAL, S.L. SPAIN INACTIVE - 100.00 100.00 7,630 7,658 23 7,577 58
PECRI INVERSION S.A SPAIN OTHER INVESTMENT COMPANIES 100.00 - 100.00 89,132 93,952 4 92,026 1,922
PENSIONES BANCOMER, S.A. DE C.V. MEXICO INSURANCES SERVICES - 100.00 100.00 166,280 2,668,926 2,502,639 113,635 52,652
(*) Information on foreign companies at exchange rate on December 31, 2011 (**) This company has an equity loan from BBVA, S.A. (1) The percentage of voting rights is the result of the agreements entered into with shareholders that enable the control of the entity. The ownership percentage is 46.1%.
Company Location Activity %of Voting Rights
Controlled by the Ban		 Thousands of Euros ( * )
Net Carrying Amount Affiliate Entity Data
Direct Indirect Total Assets
31.12.11		 Liabilities
31.12.11		 Equity
31.12.11		 Profit (Loss)
31.12.11
PHOENIX LOAN HOLDINGS, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 321,850 341,106 19,254 324,399 (2,547)
PI HOLDINGS NO. 1, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 75,701 76,393 692 70,286 5,415
PI HOLDINGS NO. 3, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 21,900 21,900 - 22,108 (208)
PI HOLDINGS NO. 4, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 1 1 - 1 -
PORT ARTHUR ABSTRACT & TITLE COMPANY UNITED STATES FINANCIAL SERVICES - 100.00 100.00 1,891 2,133 242 1,898 (7)
PREMEXSA, S.A. DE C.V. MEXICO FINANCIAL SERVICES - 100.00 100.00 519 1,018 468 438 112
PREVENTIS, S.A. MEXICO INSURANCES SERVICES 9.73 90.27 100.00 12,435 28,521 14,946 11,031 2,544
PRO-SALUD, C.A. VENEZUELA SERVICES - 58.86 58.86 - - - - -
PROMOCION EMPRESARIAL XX, S.A. SPAIN INVESTMENT COMPANY 100.00 - 100.00 1,213 12,879 11,280 1,528 71
PROMOTORA DE RECURSOS AGRARIOS, S.A. SPAIN SERVICES 100.00 - 100.00 139 129 - 122 7
PROVIDA INTERNACIONAL, S.A. CHILE PENSION FUNDS MANAGEMENT - 100.00 100.00 47,000 47,155 155 34,298 12,702
PROVINCIAL DE VALORES CASA DE BOLSA, C.A. VENEZUELA FINANCIAL SERVICES - 90.00 90.00 1,665 5,544 3,574 2,467 (497)
PROVINCIAL SDAD.ADMIN.DE ENTIDADES DE INV.COLECTIVA, C.A. VENEZUELA FINANCIAL SERVICES - 100.00 100.00 1,829 1,890 119 1,535 236
PROVIVIENDA ENTIDAD RECAUDADORA Y ADMIN.DE APORTES, S.A. BOLIVIA PENSION FUNDS MANAGEMENT - 100.00 100.00 912 4,992 4,025 878 89
PROXIMA ALFA INVESTMENTS (UK) LLP UNITED KINGDOM IN LIQUIDATION - 51.00 51.00 - 87 2,368 (2,281) -
PROXIMA ALFA INVESTMENTS (USA) LLC UNITED STATES IN LIQUIDATION - 100.00 100.00 7,448 1,353 208 1,128 17
PROXIMA ALFA INVESTMENTS HOLDINGS (USA) II INC. UNITED STATES IN LIQUIDATION - 100.00 100.00 74 70 44 26 -
PROXIMA ALFA INVESTMENTS HOLDINGS (USA) INC. UNITED STATES IN LIQUIDATION 100.00 - 100.00 72 7,452 3,459 3,993 -
PROXIMA ALFA SERVICES LTD. UNITED KINGDOM IN LIQUIDATION 100.00 - 100.00 105 2,413 1 2,412 -
RENTRUCKS, ALQUILER Y SERVICIOS DE TRANSPORTE, S.A. SPAIN INACTIVE 99.23 - 99.23 9,729 16,399 10,600 10,700 (4,901)
RESIDENCIAL CUMBRES DE SANTA FE, S.A. DE C.V. MEXICO REAL ESTATE - 100.00 100.00 8,159 8,123 850 7,635 (362)
RIVER OAKS BANK BUILDING, INC. UNITED STATES REAL ESTATE - 100.00 100.00 25,189 29,855 4,666 25,322 (133)
RIVER OAKS TRUST CORPORATION UNITED STATES INACTIVE - 100.00 100.00 1 1 - 1 -
RIVERWAY HOLDINGS CAPITAL TRUST I UNITED STATES FINANCIAL SERVICES - 100.00 100.00 240 8,018 7,779 216 23
RWHC, INC UNITED STATES FINANCIAL SERVICES - 100.00 100.00 564,328 565,443 1,115 560,328 4,000
SCALDIS FINANCE, S.A. BELGIUM INVESTMENT COMPANY - 100.00 100.00 3,507 3,650 148 3,507 (5)
SEGUROS BANCOMER, S.A. DE C.V. MEXICO INSURANCES SERVICES 24.99 75.01 100.00 444,396 2,543,867 2,152,552 212,270 179,045
SEGUROS PROVINCIAL, C.A. VENEZUELA INSURANCES SERVICES - 100.00 100.00 26,100 49,003 22,897 10,875 15,231
SERVICIOS CORPORATIVOS BANCOMER, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 400 4,016 3,617 285 114
SERVICIOS CORPORATIVOS DE SEGUROS, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 1,375 6,542 5,167 993 382
SERVICIOS EXTERNOS DE APOYO EMPRESARIAL, S.A DE C.V. MEXICO SERVICES - 100.00 100.00 3,787 5,878 2,092 3,280 506
SERVICIOS TECNOLOGICOS SINGULARES, S.A. SPAIN SERVICES - 100.00 100.00 1,897 11,668 9,818 (245) 2,095
SMARTSPREAD LIMITED (UK) UNITED KINGDOM IN LIQUIDATION 100.00 - 100.00 1 141 - 141 -
SOCIEDAD DE ESTUDIOS Y ANALISIS FINANCIERO.,S.A. SPAIN COMERCIAL 100.00 - 100.00 114,518 194,407 72 193,554 781
SOCIEDAD GESTORA DEL FONDO PUBLICO DE REGULACION DEL MERCADO HIPOTECARIO, S.A. SPAIN INACTIVE 77.20 - 77.20 138 221 67 146 8
SOCIETE INMOBILIERE BBV D'ILBARRIZ FRANCE REAL ESTATE - 100.00 100.00 1,466 1,496 30 1,507 (41)
SOUTHEAST TEXAS TITLE COMPANY UNITED STATES FINANCIAL SERVICES - 100.00 100.00 552 581 29 547 5
SPORT CLUB 18, S.A. SPAIN INVESTMENT COMPANY 100.00 - 100.00 33,090 62,514 28,746 31,053 2,715
STATE NATIONAL CAPITAL TRUST I UNITED STATES FINANCIAL SERVICES - 100.00 100.00 363 11,958 11,595 352 11
(*) Information on foreign companies at exchange rate on December 31, 2011
Company Location Activity %of Voting Rights
Controlled by the Bank		 Thousands of Euros ( * )
Net Carrying Amount Affiliate Entity Data
Direct Indirect Total Assets
31.12.11		 Liabilities
31.12.11		 Equity
31.12.11		 Profit (Loss)
31.12.11
STATE NATIONAL STATUTORY TRUST II UNITED STATES FINANCIAL SERVICES - 100.00 100.00 240 7,976 7,737 233 6
TEXAS LOAN SERVICES, LP. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 941,695 942,371 675 925,061 16,635
TEXAS REGIONAL STATUTORY TRUST I UNITED STATES FINANCIAL SERVICES - 100.00 100.00 1,196 39,887 38,691 1,161 35
TEXASBANC CAPITAL TRUST I UNITED STATES FINANCIAL SERVICES - 100.00 100.00 602 20,037 19,434 585 18
TMF HOLDING INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 8,131 11,181 3,050 7,869 262
TRAINER PRO GESTION DE ACTIVIDADES, S.A. SPAIN REAL ESTATE - 100.00 100.00 2,886 5,908 - 2,931 2,977
TRANSITORY CO PANAMA REAL ESTATE - 100.00 100.00 134 2,305 2,321 (30) 14
TUCSON LOAN HOLDINGS, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 287,090 287,176 86 280,131 6,959
TWOENC, INC UNITED STATES FINANCIAL SERVICES - 100.00 100.00 (1,203) 1,153 2,357 (1,203) (1)
UNICOM TELECOMUNICACIONES S.DE R.L. DE C.V. MEXICO SERVICES - 99.98 99.98 2 4 1 2 1
UNIDAD DE AVALUOS MEXICO, S.A. DE CV MEXICO FINANCIAL SERVICES - 100.00 100.00 2,079 3,255 1,500 1,420 335
UNITARIA GESTION DE PATRIMONIOS INMOBILIARIOS SPAIN REAL ESTATE - 100.00 100.00 2,410 2,657 7 2,632 18
UNIVERSALIDAD "E5" COLOMBIA FINANCIAL SERVICES - 100.00 100.00 - 6,297 4,140 2,204 (47)
UNIVERSALIDAD TIPS PESOS E-9 COLOMBIA FINANCIAL SERVICES - 100.00 100.00 - 81,897 62,962 13,584 5,351
UNO-E BANK, S.A. SPAIN BANKING 100.00 - 100.00 174,752 1,367,556 1,226,967 105,987 34,602
URBANIZADORA SANT LLORENC, S.A. SPAIN INACTIVE 60.60 - 60.60 - 108 - 108 -
VALANZA CAPITAL RIESGO S.G.E.C.R. S.A. UNIPERSONAL SPAIN VENTURE CAPITAL 100.00 - 100.00 1,200 17,223 837 15,527 859
VIRTUAL DOC, S.L. SPAIN IN LIQUIDATION - 70.00 70.00 - 133 700 (155) (412)
VISACOM, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 2,282 2,282 1 1,033 1,248
(*) Information on foreign companies at exchange rate on December 31, 2011
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