S&P-Fitch raise the outlook

Banco Santander Central Hispano SA
05 June 2003


                 Standard & Poor's and Fitch raise the outlook

                         for Santander Central Hispano

                            From neutral to positive


Madrid, June 6, 2003.- Standard & Poor's raised its outlook for Santander
Central Hispano to 'positive,' reflecting the expected favourable impact on its
ratings of the improvement in the capital ratios and performance of the group,
as well as the lower exposure to emerging markets. Standard & Poor's highlighted
the group's leading position in Spain and the potential for additional
improvement as a result of further commercial dynamism and continued efficiency
gains.

Fitch also raised its outlook on the bank to 'positive,' citing the improvement
in the group's capital ratios and in the Brazilian economy, as well as the
reduction of Latin America exposure, particularly sovereign debt. Fitch
highlighted the group's sound asset quality and profitability.


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