Directorate Change

Banco Santander Central Hispano SA
13 February 2002




                         SANTANDER CENTRAL HISPANO BOARD 
                           ANNOUNCES NEW APPOINTMENTS

MADRID, February 13, 2002 - At today's Board Meeting of Banco Santander Central 
Hispano, Angel Corcostegui informed of his decision to resign as First 
Vice-Chairman and Managing Director, for personal reasons. He also resigns as 
member of the Board and of the Executive Committee.

At the same time, the Board approved the following appointments:

1. Alfredo Saenz Abad as Second Vice-Chairman of the Board and Managing 
   Director.

2. Jaime Botin-Sanz de Sautuola y Garcia de los Rios as First Vice-Chairman

3. Francisco Luzon Lopez as member of the Executive Committee. Luzon, General 
   Manager of the America Division, will report directly to the Chairman.

The Board of Banco Espanol de Credito (Banesto) has approved the appointment 
today of Ana Patricia Botin-Sanz de Sautuola y O'Shea as chairman, replacing 
Alfredo Saenz Abad.

The Board of Santander Central Hispano expressed its gratitude and recognition 
of the magnificent contribution of Angel Corcostegui, which has been fundamental 
to the success of the merger between Banco Santander and Banco Central Hispano. 
Angel Corcostegui, for his part, expressed his particular gratitude to the 
Chairman for his support over the past years, and to the Board, the Management 
Committee and all the staff of Banco Santander Central Hispano.


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