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DOLLAR PRICE SET FOR CORPORACION BANCARIA DE ESPANA, S.A. (ARGENTARIA) AMERICAN DEPOSITARY SHARE OFFERING

 NEW YORK, May 12 /PRNewswire/ -- Corporacion Bancaria de Espana, S.A. (Argentaria) announced today the U.S. dollar price of its offering of American Depositary Shares (ADSs). The price per ADS was set at $16.07, equal to 1,900 pesetas per ADS, translated into U.S. dollars at the Federal Reserve Noon Buying Rate on May 11, 1993. The ADS offering is part of a combined global offering of 29,712,450 shares of Corporacion Bancaria de Espana, S.A. (Argentaria).
 The size of the Spanish offering was increased by 2,592,450 shares to a total of 19,592,450 shares. The United States offering consisted of 7,360,000 ADSs, representing 3,680,000 shares. The United Kingdom and Ireland, Continental Europe and rest of the world offerings consisted of 3,220,000, 2,300,000 and 920,000 shares, respectively.
 The Securities and Exchange Commission has declared effective the registration statements relating to Corporacion Bancaria de Espana, S.A. (Argentaria) shares and ADSs.
 Morgan Stanley & Co. Incorporated is the lead manager of the United States offering. Goldman, Sachs & Co., Merrill Lynch & Co., and S.G. Warburg & Co. Inc. are co-managers of the United States offering.
 Morgan Stanley International is acting as global coordinator and Argentaria Bolsa is acting as co-global coordinator in connection with the global offering.
 All of the ADSs and shares were offered by Sociedad Estatal de Patrimonio I,S.A., which is wholly-owned by the Kingdom of Spain. Prior to the proposed offering there has been no public market for the ADSs or the common shares. The shares will be listed on the Madrid Stock Exchange and will be quoted through SEAQ International, and the ADSs will be listed on the New York Stock Exchange under the ticker symbol AGR. Trading will begin May 12, 1993.
 The company will not receive any of the proceeds from the offering.
 Corporacion Bancaria de Espana, S.A. (Argentaria) and its subsidiaries, which operate under the trade name Argentaria, together represent one of the three largest banking and financial groups in Spain, based on total assets at Dec. 31, 1992. The banking and financial businesses of Argentaria include corporate banking, mortgage financing, institutional banking (banking involving government clients), retail banking, international banking, foreign currency, government securities and money marketing trading, investment banking, funds management and insurance (principally life insurance).
 Argentaria was formed in 1991 as part of the Spanish government's efforts to restructure and reorganize its bank holdings and is made up of five principal bank subsidiaries: Banco Exterior de Espana, S.A., Caja Postal, S.A., Banco Hipotecario de Espana, S.A., Banco de Credito Local de Espana, S.A. and Banco de Credito Agricola, S.A.
 This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 For more complete information about the company, a prospectus may be obtained from Morgan Stanley & Co. Incorporated, 1251 Avenue of the Americas, New York, N.Y. 10020; telephone (212)703-4000.
 -0- 5/12/93
 /CONTACT: Manuel Bueno of Argentaria, 011-341-537-7598, or Jeanne Andrews of Morgan Stanley & Co. Incorporated, 212-703-4058/


CO: Corporacion Bancaria de Espana S.A. ST: New York IN: FIN SU: OFR

PS -- NY018 -- 7384 05/12/93 08:48 EDT
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Publication:PR Newswire
Date:May 12, 1993
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