The second largest Spanish bank, BVVA - BANCO BILBAO VIZCAYA ARGENTARIA - has sold its 50% stake in the insurance company DIRECT SEGUROS (motor vehicle insurance by telephone and internet; net profits EUR 5.5 million forecast for 2003 with a volume of premiums for EUR 136 million and 300,000 clients) to the insurance company AXA for the sum of EUR 49.25 million. AXA will thus own all the capital of DIRECT SEGUROS.