Acquisition in Puerto Rico

Banco Santander Central Hispano SA
23 January 2006





                              OTHER COMMUNICATIONS

Grupo Santander announces that its affiliate in Puerto Rico Santander BanCorp
and Wells Fargo & Company reached today a definitive agreement by which
Santander will acquire the assets and business operations in Puerto Rico of
Island Finance from Wells Fargo. As of Dec. 31, 2005, Island Finance had
approximately $627 million in loan receivables in Puerto Rico.

The transaction consists in the acquisition by Santander of the business - but
not of the debt and the rest of liabilities - of Island Finance, paying for it a
premium of USD 137 million, which amount corresponds to the goodwill created by
the transaction.

The closing of the sale, expected to occur during the first quarter of 2006, is
subject to customary closing conditions including required regulatory approvals
and the absence of material adverse changes in the business or assets of Island
Finance-Puerto Rico prior to closing.

Island Finance provides consumer loans and real estate-secured loans with
property in Puerto Rico to approximately 205,000 customers through its 70 stores
in Puerto Rico, as well as sales finance contracts through retail merchants.
Island Finance is part of Wells Fargo Financial, the consumer finance subsidiary
of Wells Fargo & Company.

This transaction will combine the strength of the No. 2 market share depository
institution (excluding brokered deposits) with the No. 2 market share consumer
finance lender in Puerto Rico. Santander BanCorp expects the transaction to be
immediately accretive to earnings per share without considering revenue
synergies. The transaction will be solely financed with local resources in
Puerto Rico.

                                   Boadilla del Monte (Madrid), January 23, 2006




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