Acquisition

Banco Santander Central Hispano SA
14 September 2005


SANTANDER CONSUMER ACQUIRES CONTROL OF INTERBANCO AND INTEGRATES ITS BUSINESS IN
PORTUGAL WITH SAG

Santander Consumer will acquire 50.001% of Interbanco for EUR 110 million and
form an alliance with SAG, Interbanco's other shareholder.

Interbanco will integrate with Hispamer Portugal and Santander Consumer will
hold a 60% stake in the combined company and SAG the remaining 40%. The new
company will be the leader in auto financing in Portugal.

Santander Consumer and SAG will combine their operational car leasing businesses
in Spain and Portugal in a new company that will assume their assets in this
segment.

Madrid, September 14, 2005 - Santander Consumer, of Grupo Santander, and SAG
(Solucoes Automovel Globlais) of Portugal have reached an agreement to form an
alliance to jointly carry out consumer and vehicle financing in Portugal, as
well as operational car leasing in Spain and Portugal.

In the first stage of this agreement, SAG will exercise its right of first
refusal on the 50.001% of the capital of Interbanco that it does not already
own. SAG will notify BCP, which owns this stake, that it is exercising this
right and that Santander Consumer will acquire the stake under the same terms
BCP had agreed for its sale to Societe Generale. Santander Consumer will pay EUR
110 million for this stake. Interbanco ended 2004 with assets of EUR 700
million.

Following this acquisition, Santander Consumer and SAG will combine their
consumer and vehicle finance businesses through the integration of Interbanco
and Hispamer Portugal. Santander Consumer will hold 60% of the capital of the
combined company and SAG the remaining 40%. The new company will be the market
leader in auto financing in Portugal.

In addition, both companies will combine in a new company their operational car
leasing businesses in Spain and Portugal to carry out this business in the
Iberian peninsula. The shareholdings in this company will be identical to those
of the Portuguese consumer and auto financing company: 60% Santander Consumer
and 40% SAG. This alliance in operational car leasing may also be extended to
other markets.

The final terms of these transactions are pending a valuation of the assets
involved by an independent company, taking into account the respective 60% and
40% stakes of Santander Consumer and SAG. The agreement is subject to the
approval of regulatory authorities.

Santander Consumer is the Grupo Santander unit that specialises in consumer
finance, with a presence in 12 European countries including Spain, Germany,
Italy, Poland and Portugal. With 5,051 employees and 255 branches, Santander
Consumer finances 900,000 new and used automobiles a year. At the end of June
2005, Santander Consumer had assets of EUR 35.425 million. The unit registered
net attributable income of EUR 237 million in the first half, an increase of
45.8%.




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