Agreement Signed

Banco Santander Central Hispano SA
5 May 2000


GRUPO SANTANDER CENTRAL HISPANO AND GRUPO BANCO DE LA PROVINCIA DE BUENOS AIRES 
          ACQUIRE CONTROL OF ARGENTINE FUND MANAGER PREVINTER

The owners of fund manager Origenes thus consolidate leadership in Argentine
market


Madrid, May 5, 2000 - Banco Santander Central Hispano and Banco de la Provincia
de Buenos Aires, its partner in the leading Argentine pension fund manager,
Origenes AFJP, today signed an agreement to acquire 55% of the country's 5th
largest pension fund Previnter AFJP.

As a result of the agreement, Origenes will have 2.2 million Argentine
affiliates and US$4.6 billion in funds under management.  The transaction, which
also includes two insurance subsidiaries, Previnter Retiro and Internacional
Vida, values the company at approximately US$300 million, subject to due
diligence.

In addition to consolidating Banco Santander Central Hispano's leadership in the
Argentine private pensions market, the incorporation of Previnter represents a
significant step in the Group's growth strategy in Latin America, bringings its
market share in pension funds to 17% with 6.25 million affiliates and US$11.4
billion in managed funds.

The partners in Origenes intend to merge the two fund managers at a later date.
As a result, the ownership of Origenes will comprise: Grupo Banco Provincia
40.8%, Banco Santander Central Hispano 39.2% and Bank Boston 20%.  Previnter has
been controlled to date by BankBoston, AIG (American Intenational Group) - with
a combined 90% - and Argentine bank BanSud with 10%.  Today's agreement involves
AIG and BanSud selling their combined 55% stake in Previnter to the partners in
Origenes.

Previnter has 696,053 affiliates and US$1,554 million in funds under management.
 Its integration with Origenes will substantially improve geographical cover and
lead to significant efficiency gains, with the corresponding cost reductions for
affiliates.

Origenes, 51.02% owned by Banco de la Provincia de Buenos Aires and 48.98% by
Banco Santander Central Hispano, has 1,524,647 affiliates and US$3,079 million
in funds under management.


                         Additional Information

RANKING OF ARGENTINE PENSION FUND MANAGERS
Manager                                       Market Share
1. Origenes + Previnter                            28%
2. Consolidar                                      17%
3. Maxima                                          16%
4. Siembra                                         14%
5. Niacion                                          8%

BSCH: PRESENCE IN LATIN AMERICAN PENSION FUND MARKET
                   Million       Market       Managed funds       Market 
Country          Affiliates      Share       (million pesetas)    Share
Argentina           2.22         28.0%            814,000         25.3%
Chile               0.49          8,0%            721,000         11.4%
Colombia            0.67         18.4%            120,000         14.3%
Mexico              2.24         14.0%            198,000          8.6%
Peru                0.57         24.9%            126,000         28.8%
Uruguay             0.07         12.7%             10,000          9,1%
L. AMERICA          6.25         17.1%          1,989,000         15,1%