Rating Outlooks

Banco Santander Central Hispano SA
13 April 2000


MOODY'S  CHANGES TO POSITIVE FROM STABLE THE RATING OUTLOOKS OF BANCO  SANTANDER
CENTRAL  HISPANO  (BSCH)  AND  OF  ITS SUBSIDIARIES  BANESTO  AND  HBF,  BANCO
FINANCIERO

Moody's  Investor Service changed to positive from stable the long-term  deposit
rating  and  the  financial strength rating outlooks of Banco Santander Central
Hispano  (BSCH) and of its subsidiaries Banco Espanol de Credito (Banesto)  and
HBF,  Banco  Financiero. The outlook changes reflect the ongoing improvement  of
the  group's  financial fundamentals and the progress being made in  integrating
the  two  banks -  Banco  Santander (BS)  and  Banco  Central  Hispano  (BCH)
that merged  in  early  1999 to create BSCH. As it  stands  now,  BSCH  has  the
potential to become a very meaningful participant in the consolidation of the
banking  industry  in  Europe.  Further  strengthening of its  credit  outlook 
is possible, noted the rating agency.

Much  of  the recent improvement in BSCH's fundamentals is attributable  to  the
bank's close attention to both operating and credit expenses, but also to a more
consistent  strategy across business lines and geographical  markets.  Moreover,
BSCH's  leading  positions  across a wide range of products  combined with  the
favourable economic conditions that prevail in Spain should allow the group  to
sustain good recurring earning power for the foreseeable future.

At  the  same time, Moody's added that pursuing further efficiencies will remain
an  ongoing  challenge  for the BSCH group - which currently  has  nearly  6,000
branches in Spain. The rating agency noted, however, BSCH's more decisive  steps
to  implement  on online strategy - primarily through integrating its  Open 
Bank subsidiary into its newly-acquired portal Patagon.

Regarding  the  group's  Latin American operations, Moody's  noted  the  ongoing
growth  initiatives (such as the interest in the Brazilian and Mexican markets),
expressing the belief that they will not entail a significant addition to BSCH's
overall risk profile.