Formal Notice

Banco Santander Central Hispano SA
04 April 2003

                                 MAJOR EVENTS
     

                        Grupo Santander Central Hispano

                        Increases Its Stake In Origenes

Santander Central Hispano, in fulfillment of agreements reached with the Bank of
Boston in 2000, has increased its stake in Grupo Origenes of Argentina from
39.2% to 59.2%.

The value of the transaction is US$150 million, which was entirely provisioned
for as of 31 December 2002 under the Santander Central Hispano policy of total
coverage of Argetine risk.

The Origenes Group consists of a pension fund manager as well as retirement and
life insurance units. Origenes AFJP is the largest pension manager in Argentina,
with 2.3 million accounts. The pensions unit manages $2.8 billion, with a market
share of 24%, more than Consolidar (BBVA), Siembra (Citibank) and Maxima (HSBC)
combined. Together, these four groups cover 75% of the market.

Origenes AFJP is completely independent of Banco Rio.


                                                         Madrid, 4th April, 2003


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