Re Directorate

Banco Santander Central Hispano SA
2 November 2001

                                  MATERIAL FACT

Banco Santander Central Hispano, S.A., informs you that Rt.Hon. Viscount Younger
of Leckie has stepped down as a member of the Board of Directors of the Bank.  
The vacancy will be filled by naming Sir George Mathewson, current President of 
Royal Bank of Scotland, as member of the Board.

                                                        Madrid, October 31, 2001