Director Shareholding

Banco Santander Central Hispano SA
31 May 2001


Banco Santander Central Hispano, S.A. informs you of its agreement to combine
what was scheduled to be two separate deliveries (the second and third) into a
single delivery of Banco Santander Central Hispano shares to benefitted
employees under the Labor Merger Agreement dated March 3, 1999, between the
Union Delegation of Banco Santander, S.A. and Banco Central Hispanoamericano,
S.A., which addressed the merging of both entities.

Each employee who meets the requirements under the Labor Merger Agreement will
receive a total of 150 Banco Santander Central Hispano shares.  This amount
includes the shares which were expected to be delivered next year, in the third
delivery, but which will instead be delivered this year due to the very positive
results obtained with respect to the development and culmination of the merger
process.

By virtue of the Labor Merger Agreement, benefitted employees will have received
a total of 210 BSCH shares (105 shares before the split in June, 1999, 60 shares
of which were already delivered in June of 2000 (the first delivery)).

Banco Santander Central Hispano, S.A. will treat this delivery of shares to its
employees as a special contribution.  The delivery is expected to take place in
June by means of a change of title.

Executive and Managing Directors of Banco Santander Central Hispano, are among
the beneficiaries of such special bonus of shares.