Transaction in Own Shares

Banco Santander Central Hispano SA
11 February 2005

Banco Santander Central Hispano, S.A.
February 11, 2005

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 February 10, 2005:


        Date               Security            Buy / Sell     No of shares   Price (euro)
   Feb. 10, 2005            SAN.MC                 S               300,000         9.5200
   Feb. 10, 2005            SAN.MC                 S                50,000         9.5300
   Feb. 10, 2005            SAN.MC                 B               500,000         9.4600
   Feb. 10, 2005            SAN.MC                 B               350,000         9.4700



Boadilla del Monte, February 11, 2005'




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