Dividend Declaration

Banco Santander Central Hispano SA
21 January 2000




Letter dated 18th January 2000

                            THIRD DIVIDEND

As from 31st January 2000, Banco Santander Central Hispano will pay a dividend
on all currently outstanding ordinary shares as follows:

SHARES NUMBER      GROSS DIVIDEND     18% WITHHOLDING TAX     NET DIVIDEND

1 . 3.667.793,148  EURO 0.055         EURO 0.0099             EURO 0.0451
                   (PESETAS 9.15123)  (Pesetas (1.64722)    (Pesetas 7.50401)

The dividend is the third, payable on a quarterly basis, charged to 1999
earnings.