Transaction in Own Shares

Banco Santander Central Hispano SA
02 August 2004

                                                                   2 August 2004



                     Banco Santander Central Hispano, S.A.

                           Share Repurchase Programme

Banco Santander Central Hispano, S.A. has today issued an announcement (hecho
relevante) in relation to the share repurchase programme, details of which were
set out in its announcement made on 26 July 2004 in connection with the proposed
acquisition of Abbey National plc.  A translation of the text of the hecho
relevante is set out below.

In relation to the share repurchase programme mentioned in the press
announcement made by Banco Santander on 26 July 2004, it was stated in such
announcement that both purchases and sales of Banco Santander shares may take
place as part of such programme.  Banco Santander confirms that any cancellation
of shares under the programme will be subject to an appropriate resolution to be
adopted by its shareholders in general meeting and that such cancellation will
only affect the net amount of Banco Santander shares bought and sold, if any,
determined as at the end of the programme.  The cancellation process will be
carried out in accordance with applicable legal and regulatory rules and bylaws.




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