Acquisition - Disposal

Banco Santander S.A.
27 March 2008




                  Santander and GE reach preliminary agreement


The Bank will acquire GE Money's businesses in Germany, Finland and Austria and
its card and auto financing business in the UK.


GE Commercial Finance will acquire Interbanca, the Italian commercial bank
assigned to Santander in ABN Amro's asset distribution.




Madrid/London, March 27th, 2008 - Banco Santander and GE, through its GE Money
and Commercial Finance business units, have reached a preliminary agreement on
the acquisition of certain businesses from each other valued at EUR 1 billion.


Under the terms of the preliminary agreement, Banco Santander would acquire GE
Money's units in Germany, Finland and Austria, and its card and auto businesses
in the UK, while, GE Commercial Finance would acquire Interbanca, the Italian
commercial bank assigned to Santander as part of the distribution of assets
following the acquisition, together with Royal Bank of Scotland and Fortis, of
ABN Amro.


Banco Santander expects to integrate the GE Money units acquired, with total
assets of EUR 9 billion, into Santander Consumer Finance and Santander Cards.
Interbanca would become part of GE Commercial Finance, providing GE with an
enhanced capability to service mid-market banking businesses in Italy.


'We believe this agreement is in the best interest of GE Money, our individual
businesses, and GE's shareholders, and allows us to optimize our own portfolio
for continued growth and investment, while meeting GE's strategic objective of
redeploying assets within financial services,' said William H. Cary, President &
CEO of GE Money.


'This transaction will enable Banco Santander to continue consolidating
Santander Consumer Finance as a European leader in consumer finance,' said Magda
Salarich, Senior Executive Vice-President and head of the Santander Consumer
Finance Division.


The transactions are subject to the completion of a definitive agreement and
certain regulatory approvals.




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