Launch of e-Marketplace

Banco Santander Central Hispano SA
27 July 2000

         FIVE LEADING EUROPEAN BANKS ANNOUNCE REVOLUTIONARY e-MARKETPLACE
                     FOR TREASURY AND CAPITAL MARKET PRODUCTS

Five of the world's leading financial institutions today announced their
intention to launch a revolutionary e-marketplace offering clients low cost 
e-access to a range of Treasury and Capital Markets pre-trade, trade and
post-trade products and services. The partner institutions are Banco Santander
Central Hispano, Commerzbank AG, The Royal Bank of Scotland, SANPAOLA IMI and
Societe Generale.  Launch of the electronic platform is expected by spring 2001.

Through the use of leading-edge technology, the joint venture intends to create
a secure online marketplace.  Clients will have easy access to liquidity across
a wide range of Treasury and Capital Market products and services at the best
competitive price from participating banks.

Representatives from the banks said:  'The efficiencies provided to clients by
this new marketplace will enable faster and cheaper transactions, resulting in
an even greater degree of liquidity and transparency across these global
markets.  The platform will be offered to all clients, from the smallest
enterprises to the largest global players.  We believe that this marketplace
will be the most powerful application yet of e-commerce for Treasury and Capital
Market products.'

Existing e-offerings are either multi-products in a single bank platform, or
single products in a multi-bank platform.  Five major banks teaming up to offer
clients their broad product range in one electronic platform fills this gap in
the market.

The marketplace will provide clients with a single point of access to products
and services offered by the participating banks.  Clients will thus be able to
trade with any participating bank, as well as see prices, research and other
market information.

'By developing our partnership in this way, we create the opportunity to connect
the largest market share of clients and investors with the broadest range of
products and services offered online.  We intend this e-marketplace to set the
standard for service, security and efficiency in the global Treasury and Capital
Markets' representatives from the banks said.

The banks will have equal shares in the new venture, which will be independently
staffed and managed to ensure an effective and timely rollout.  Following launch
by spring 2001, the partners plan to expand the initial offering and develop the
platform to create even greater efficiency and innovation in all financial
markets.

Banco Santander Central Hispano is Spain's leading financial group and one of
the largest in the Eurozone by stock market capitalisation.  The Bank has 30
million customers world-wide and is present in 38 countries. In Europe, it has a
unique network of strategic alliances with financial entities which are leaders
in their respective markets. One of the products of  this close co-operation is
the birth of this pan-European portal.  The Group also holds the leading
franchise in Latin America, where it is present in twelve countries. For more
information, please access www.bsch.es.

Commerzbank Group is one of Europe's leading universal banks. With about  1,000
branches in Germany and 70 outlets of its own in 45 other countries, Commerzbank
has total assets of more than 400bn euros and a market capitalisation of roughly
19bn  euros. It functions as both a commercial and an investment bank, operating
through  subsidiaries  in  some specialised fields, such  as  mortgage  lending,
leasing,  asset  management and real estate business. It is  also  the  majority
shareholder  of  comdirect bank, Europe's leading online  broker.  For  further
information, please access www.commerzbank.com.

The Royal Bank of Scotland  
The Royal Bank of Scotland is a broadly based financial services group with
operations spanning clearing banking, investment banking, financial services,
investment management and insurance, both in the UK and overseas.

COMMERZBANK  Following the acquisition of NatWest earlier this year, The
Royal Bank's Treasury & Capital Markets division, NatWest Global Financial
Markets and the UK based Greenwich NatWest have been combined to create The 
Royal Bank of Scotland, Financial Markets.  The combined entity provides
specialist services in global foreign exchange,  currency and structured
derivatives, money markets, together with a wide range of interest rate
management services to  The Royal Bank of Scotland and NatWest international
corporate and institutional client base. For more information, please access
www.rbsmarkets.com

SANPAOLO IMI  
SANPAOLO IMI, one of Italy's leading financial institutions, is a
multi-specialist player with core expertise in a wide range of financial
services
segments including Commercial Banking, Personal Financial Services, Large
Corporate, Public Sector Finance, Investment Banking and Merchant Banking.  The
Group offers a full range of banking services to almost five million customers
at home and abroad. Domestically, the Group's franchise comprises a 1,300-strong
branch network and direct/virtual distribution channels while  internationally
the Group  operates  through  almost  80 foreign  branches  and representative
offices. For further information, please access www.sanpaoloimi.it


SG  
SG is the corporate and investment banking arm of the Societe Generale  Group.
Present in over 60 countries and with expertise in capital markets, advisory and
origination  services, structured finance and commercial  banking,  SG  builds
innovative, integrated financial solutions for its corporate, institutional and
public sector clients. In the debt, foreign exchange and money markets, SG is a
leading European player with notable strengths in origination, trading, market
making and distribution. Based on its client- centered approach and its strong
innovation and structuring capabilities, SG adapts its wide range of products
and services to meet the specific needs of issuers, corporate treasurers,
liability  managers  and institutional investors. For more  information,  please
access www.sg-ib.com