Banesto-Tier 1 Capital Raise

Banco Santander Central Hispano SA
28 October 2004

Banco Santander Central Hispano, S.A.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE US, CANADA,
AUSTRALIA OR JAPAN

FOR IMMEDIATE RELEASE

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

                                                                 28 October 2004

Further to the announcements on 7 October and earlier today, Banco Santander
Central Hispano, S.A. today announces that Banesto, rated Aa3/A+/AA-, has
launched a €200 million Tier 1 capital transaction. The securities will be
issued in denominations of €1,000 in bearer form and carry a fixed coupon of
5.50 per cent.. The joint bookrunners are ABN AMRO, Deutsche Bank and JPMorgan.
The payment date is 5 November 2004 and the securities will be listed on the
Euronext Amsterdam and Frankfurt stock exchanges.

Stabilization IPMA/FSA


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