Banesto Tier 1 Capital Raise

Banco Santander Central Hispano SA
28 October 2004


Banco Santander Central Hispano, S.A.

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      Tier I Capital Raising by Banco Espanol de Credito, S.A. ('Banesto')

                                                                 28 October 2004


Further to the announcement on 7 October 2004 of a proposed Tier 1 capital
raising, which led to announcements on 19 and 26 October 2004 of a €125 million
CMS-linked Tier 1 capital raising, Banco Santander Central Hispano, S.A.
announces that Banesto, rated Aa3/A+/AA-, has mandated ABN AMRO, Deutsche Bank
and JPMorgan as joint lead managers for a further Tier 1 capital raising.  This
second transaction, which will carry a fixed rate coupon, will be launched in
the near future subject to market conditions.

Stabilization IPMA/FSA


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