Re Offering Price

Banco Santander Central Hispano SA
26 November 2002


                             OTHER COMMUNICATIONS


In connection with the Public Offering of Pre-emptive Subscription Rights of
shares of Banco Espanol de Credito, S.A. (the 'Offering'), Banco Santander
Central Hispano, S.A. announces that the Offering Price for the Lots of
Subscription Rights was fixed yesterday November 25, 2002 at euro 10.94 per Lot
of Subscription Rights, for all the Tranches of the Offering. Accordingly, the
disbursement to be made per each Lot of Subscription Rights is euro 15.00 (i.e.
the Offering Price increased by euro 4.06, the Issue price of the shares
corresponding to each Lot of Subscription Rights). This is equivalent to a price
of euro 7.50 per each share of Banesto.

It is also announced that there has not been any change with respect to the
number of Lots of Subscription Rights allocated to each Tranche of the Offering
on November 19, 2002, and that the Underwriting Agreement for the Spanish
Institutional Tranche and the Purchase Agreement for the International Tranche
have been signed by all the different parties thereto as expected.

The number of Lots of Subscription Rights allocated to the Spanish Retail
Tranche has not been sufficient to cover all the demand received in such
tranche. Accordingly, it has been necessary to apply the pro-rata allocation
procedures contemplated for the Spanish Retail Tranche in the Abridged
Prospectus.

All this information is contained in more detail in the Additional Information
to the Abridged Prospectus, filed today with the Comision Nacional del Mercado
de Valores.


                                                       Madrid, November 26, 2002




The information contained herein does not constitute an offer of securities for
sale in the United States. Neither the Banesto shares nor the Banesto share
rights have been or will be registered under the United States Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
such Act. No money, securities or other consideration is being solicited, and,
if sent in response to the information contained herein, will not be accepted.



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