Re Agreement

Banco Santander Central Hispano SA
13 September 2001


SANTANDER CENTRAL HISPANO AND THE BIPIELLE GROUP AGREE TO SET UP A BROKER-DEALER

Santander Central Hispano Investment and Banca Populare di Lodi agreed today to 
establish a broker-dealer (SIM) under Italian legislation, called Bipielle 
Central Hispano SIM SpA. Padana Berti SIM, controlled by Banca Populare di Lodi,
which is 50% owned by Santander Central Hispano, was used to form the joint 
venture.

The Board of Directors consists of four representatives of the Bipielle Group 
and four from Santander Central Hispano Investment.

Bipielle Santander Central Hispano SIM SpA will enable both financial groups to 
strengthen their investment banking activity in Italy and benefit from the 
synergies generated by the different business models.

The joint venture will also provide the two groups with a structure enabling 
them to originate and place primary market operations among institutional and 
retail investors, endowing them with a high quality product of wide 
international coverage thanks to Santander Central Hispano's presence in the 
main international financial centers.

The new SIM will give the Bipielle Group direct access to the Italian equity 
market and bolster equity research for retail clients as well as enhance the 
capacity of origination and distribution of structured bonds issued by Efibanca,
Bipielle's investment bank.

The agreement between both groups will develop the following business areas: the
sale of listed Italian and foreign shares to institutional investors, trading in
regulated Italian and foreign markets for Italian banks, equity research in the 
Italian market, origination and distribution of structured products, corporate 
finance and capital markets.