Banesto Tier I Capital

Banco Santander Central Hispano SA
07 October 2004



                     Banco Santander Central Hispano, S.A.

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

                   Banco Espanol de Credito S.A. ('Banesto')

Banesto, a subsidiary of Banco Santander Central Hispano, S.A., announces that
it intends to raise additional Tier I capital by way of a preference share issue
in the near future. The capital raising is subject to market conditions and the
proceeds will be used for general corporate purposes.

A further announcement will be released in due course.

Enquiries:
Banco Santander
Keith Grant (Head of International Media)                  + 34 91 289 5206
Peter Greiff (Deputy Head of International Media)          + 34 91 289 5207




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