BBVA - BANCO VIZCAYA ARGENTARIA and TERRE NETWORKS Internet subsidiary of the Spanish group TELEFONICA have concluded a strategic alliance via cross participation's of capital. According to them BBVA will acquire 3% of TERRA NETWORKS capital for EUR 487 million while TERRA NETWORKS will buy 20% of the UNO-E capital BBVA's subsidiary and largest Spanish bank operating exclusively on the Internet, for an undisclosed sum. This share could later be raised to 35%.