Acquisition

Banco Santander Central Hispano SA
17 April 2002



                SANTANDER CENTRAL HISPANO ACQUIRES 35.45% 
                           OF BANCO DE SANTIAGO


Madrid, April 17, 2002 - Santander Central Hispano will acquire the 35.45% stake
in Banco Santiago held by the Central Bank of Chile for approximately US$670
million, as a result of the latter exercising an option established in a May
1999 shareholders agreement. The transaction will be completed on formal
notification by the Central Bank of the conclusion of the public share offering
for its shares.

Santander Central Hispano will thereby increase its stake in Banco Santiago to
78.95%, consolidating its control of the bank and also its presence in the
Chilean banking system.

As of December 31st 2001, Banco Santiago's assets amounted to US$ 10.5 billion,
with net loans of US$ 7.54 billion, customer funds of US$ 7.69 billion and a net
worth of US$ 821 million. At the same date the Bank had 161 branches and 4,500
employees. Net income in 2001 was US$ 181 million.  



                      This information is provided by RNS
            The company news service from the London Stock Exchange