SAN acquires 12.74% in SANPOR

Banco Santander Central Hispano SA
30 June 2003



Santander Central Hispano acquires 12.74% stake in Banco Santander Portugal from
                           The Royal Bank of Scotland



Madrid, June 30 - Santander Central Hispano has acquired 12.74% of Banco
Santander Portugal for 62.5 million pounds sterling, having exercised an option
it held to buy the stake from The Royal Bank of Scotland. As a result of the
transaction, it has increased its total shareholding to 97.68%.

Santander Central Hispano is Portugal's third largest financial group with a
market share of 10%, a network of 659 offices and two million customers. The
Group operates three retail banking franchises in the country, Banco Totta e
Acores, Credito Predial and Banco Santander Portugal, as well as a major
presence in investment banking through Banco Santander de Negocios.

Totta e Acores is a leading entity in universal banking, Credito Predial
specializes in mortgage lending and Santander Portugal focuses more on urban and
high net worth customers.

In 2002, Santander Central Hispano recorded net attributable income of 223.1
million euros in Portugal, a rise of 16.8% on the previous year. It has a
significant presence in key segments such as mortgages, where it has an 11.7%
market share, mutual funds with 17.4% and investment banking with 15.9% in
brokerage.



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