Tier 1 Capital raising

Banco Santander Central Hispano SA
29 September 2004

Banco Santander Central Hispano, S.A.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE US, CANADA,
AUSTRALIA OR JAPAN

FOR IMMEDIATE RELEASE

           Banco Santander Central Hispano, S.A. ('Banco Santander')

                             Tier 1 capital raising

                                                               29 September 2004

Further to the announcement on 15 September 2004 and the details set out in the
Abbey National plc Scheme of Arrangement Document dated 17 September 2004 of a
proposed Tier 1 capital raising, Banco Santander, rated Aa3/A+/AA-, is pleased
to confirm that it is proceeding with two Tier 1 capital raisings, totalling
Euro 500 million, on the basis set out below.

A Euro 300 million perpetual Tier 1 preference share issue has been priced for
Santander Finance Preferred S.A. Unipersonal, a wholly-owned subsidiary of Banco
Santander.  The securities are guaranteed by Banco Santander and are expected to
be rated A2 (Moody's)/BBB+ (S&P)/A (Fitch).  The securities will carry a coupon
of CMS + 0.05 per cent. with a cap of 8 per cent.  Joint bookrunners are BNP
Paribas, Citigroup, JPMorgan and Merrill Lynch.  The securities will be issued
on 30 September 2004 and will be listed on Euronext and the Amsterdam and
Luxembourg Stock Exchanges.

In addition, Banco Santander has mandated BNP Paribas, Citigroup, JPMorgan and
Merrill Lynch as joint bookrunners for a Euro 200 million Tier 1 fixed rate
capital transaction.  Closing of this issue is expected on 8 October 2004.

Stabilization IPMA/FSA

Enquiries:

Banco Santander
Keith Grant (Head of International Media)                 + 34 91 289 5206
Peter Greiff                                              + 34 91 289 5207




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