Product Update

Banco Santander Central Hispano SA
18 June 2001


              CENTRADIA NAME CHOSEN FOR FIRST MULTI-BANK, 
              MULTI-PRODUCT ON-LINE FINANCIAL MARKETPLACE


Madrid, June 18 2001

The first comprehensive e-marketplace for Treasury and Capital Markets products
and services, created by a consortium of leading European banks, will be known
as Centradia(TM).

Since its formation last year, the five banks - Banco Santander Central Hispano,
Commerzbank, The Royal Bank of Scotland, Sanpaolo IMI and SG - have been
developing a unique and very secure multi-product on-line platform, designed to
meet the specific needs of corporate treasurers in European companies - but in
their local language.

Centradia will strengthen the relationship between banks and clients, drawing on
the complementary international networks of the five banks. It will support
corporate customers' strategic decisions and offer a comprehensive view of
services, research, markets and news in local languages.

To ensure that the platform will be secure and reliable, two technology partners
have been enrolled in the development. Sapient has provided business and
technology advice and integrated the applications into one website. Leading
technology provider AVT Technologies has developed the core trading
functionality.

Centradia's joint interim CEOs, Edgar Mayoral and Paolo Taddonio, said: 'We are
delighted with the progress made to date and are on track for the launch. The
reactions from customers during the development phase have been extremely
positive. Centradia's platform will simplify the full cycle of research, trading
and post-trade activities and customers will benefit from the timely
distribution of information, the liquidity and pricing capabilities, and the
diversity of services provided by the banks. The banks will benefit from the
additional time freed up by the new platform to focus on the more value-added
services they can provide to their customers'.