Share repurchase

Banco Santander Central Hispano SA
20 October 2004

Banco Santander Central Hispano, S.A.
20 October 2004

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR FROM THE UNITED
STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN

FOR IMMEDIATE RELEASE

   Banco Santander Central Hispano, S.A. ('Banco Santander') - Share Dealings

The following is a text of an announcement made by Banco Santander in Spain
today:

'In connection with the buy back programme announced on July 26, 2004, and
pursuant to article 4.4. of Regulation (CE) No 2273/2003 of the European
Commission, Banco Santander Central Hispano, S.A. announces that its subsidiary
Pereda Gestion, S.A. conducted the following trades in shares of Banco Santander
Central Hispano, S.A. on October 19, 2004:

     Date        Security     Buy / Sell    No of shares         Price (euro)
Oct. 19, 2004    SAN.MC           B            4,000,000               8.5000
Oct. 19, 2004    SAN.MC           S               99,584               8.4800
Oct. 19, 2004    SAN.MC           S              840,000               8.4900
Oct. 19, 2004    SAN.MC           S            2,528,000               8.5000
Oct. 19, 2004    SAN.MC           S              382,416               8.5100
Oct. 19, 2004    SAN.MC           S               50,000               8.5200


Madrid, October 20, 2004'

Stabilization IPMA/FSA



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