Proposed Tier 2 Capital Issue

Banco Santander Central Hispano SA
07 September 2004

Banco Santander Central Hispano, S.A.

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              Proposed €1 billion Lower Tier 2 capital raising by
                     Banco Santander Central Hispano, S.A.

                                                                7 September 2004





Banco Santander Central Hispano, S.A, rated Aa3/A+/AA-, has mandated Citigroup,
Goldman Sachs International and JPMorgan as joint bookrunners for a proposed €1
billion Lower Tier 2 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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