Result of Meeting

Banco Santander Central Hispano SA
16 August 2001


At Banco Santander Central Hispano's Board of Directors Meeting, held today in
Madrid, Mr. Jose Maria Amusategui de la Cierva announced his decision to bring
forward the date of termination of the Co-Presidency period, presenting his
resignation as Chairman of the Executive Committee.

The Board unanimously agreed to name Mr. Jose Maria Amusategui de la Cierva
Honorary Chairman of the Bank, expressing at the same time its recognition and
gratitude for the extraordinary work and professional contribution provided by
Mr. Amusategui, first as Chairman of Banco Hispano Americano, later of Central
Hispanoamericano and, especially, since April 1999, as Co-Chairman of Banco
Santander Central Hispano.

The Board also highlighted the very important contribution made by Mr. Jose
Maria Amusategui to the success of the merger between Banco Santander and Banco
Central Hispano and to the very satisfactory evolution of the Bank since the
merger was announced.

Mr. Amusategui will be proposed as Chairman of the Santander Central Hispano
Foundation, position which he will take up shortly to continue the excellent
work carried out by Mr. Alfonso Escamez, Marques de Aguilas, whom he will
succeed in this position.

As a result of Mr. Jose Maria Amusategui's resignation of his duties, the
Co-Presidency period, which is contemplated in the Bank's by-laws, is
automatically terminated. From this moment on, Mr. Emilio Botin assumes the sole
Chairmanship of the Bank and its administrative organs, with full powers and
functions.

The Board also ratified its agreement of June 26, 2001, to maintain Mr. Angel
Corcostegui Guraya as 1st Vice-Chairman and Chief Executive Officer, with all
the Divisions of the Group reporting to him.

In the same Board of Directors' Meeting, Mr. Santiago Foncillas Casaus'
resignation as member of the Board and as 4th Vice-Chairman of the Bank was
noted, receiving the recognition and gratitude from the Board for his important
contribution to the same.

In line with the objective to reduce the number of members on the Bank's Board
of Directors, the vacancies arising from these resignations have not been filled
by the Board.

Madrid, August 16, 2001