Result of Meeting

Banco Santander Central Hispano SA
14 January 2002

THE BOARD OF DIRECTORS OF SCH WILL PROPOSE A REDUCTION IN ITS SIZE TO THE
GENERAL MEETING OF SHAREHOLDERS

In line with its size-reduction policy, the Board of Directors of Banco 
Santander Central Hispano resolved at its meeting today to propose to the 
forthcoming General Meeting of Shareholders that the number of Directors be 
reduced to 19 from its present number of 25, with Mr. Pedro Ballve Lantero, Mr. 
Felipe Benjumea Lorente, Mr. Gonzalo Hinojosa Fernandez de Angulo, Invanfer S.A.
de C.V. (Mr Antonino Fernandez), Mr. Harry P. Kamen and Mr. Axel von Ruedorffer 
resigning their seats on the Board.  Gratitude and recognition of their valuable
contribution were expressed to the aforementioned.

Likewise, Mr D. Jaime Botin-Sanz de Sautuola y Garcia de los Rios no longer 
forms part of the Bank's Executive Committee.