Proposed Tier 1 Capital Issue

Banco Santander Central Hispano SA
15 September 2004


Banco Santander Central Hispano, S.A.

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                       Proposed Tier 1 capital raising by
                       Banco Santander Central Hispano, S.A.

                                                               15 September 2004


Banco Santander Central Hispano, S.A, rated Aa3/A+/AA-, has mandated BNP
Paribas, Citigroup, JPMorgan and Merrill Lynch as joint bookrunners for a
proposed Tier 1 capital raising. The transaction will be Euro-denominated and
will be launched in the near future subject to market conditions.


Stabilization IPMA/FSA.

Enquiries:

Banco Santander
Keith Grant (Head of International Media)              + 34 91 289 5206
Peter Greiff (Deputy Head of International Media)      + 34 91 289 5207

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