Holding in Another Company

Banco Santander Central Hispano SA
7 December 2001


The Santander Central Hispano Group has reduced its stake in the Royal Bank of 
Scotland by 0,57%, to 8,03%, realizing capital gains of 196,5 Million Euros.

The Santander Central Hispano Group considers this stake as strategic within the
framework of its alliance in Europe with Royal Bank of Scotland since 1988.