Change to Board of Directors

Banco Santander Central Hispano SA
25 August 2000


                              MATERIAL EVENT

I hereby inform you for the appropriate purposes that CIMENTAC SOCIEDADE GESTORA
DE PARTICIPACOES SOCIAIS, S.A. has resigned its seat on the board of directors
of this bank.  The vacant seat will be taken up by SHEINER-CONSULTORIA E
INVESTIMENTOS, S.A., which will be represented by Mr. Antonio de Sommer
Champalimaud who previously represented CIMENTAC-SOCIEDADE GESTORA DE
PARTICIPACOES SOCIAIS, S.A.