Redemption Notice

Banco Santander Central Hispano SA
14 January 2005

     


                                     BSCH FINANCE LIMITED
                         TO REDEEM ITS SERIES L AND M PREFERENCE SHARES
                                     ON 15 FEBRUARY 2005



GEORGETOWN, Grand Cayman, 14 January 2005 - BSCH Finance Limited (the 'Company')
announced today that, pursuant to the Written Resolutions of its Board of
Directors dated 7 January, 2005 the Company will redeem all its Series L and M
preference shares on 15 February, 2005.

The Redemption Price for the Company's DEM 6.25 per cent. Non-cumulative
Guaranteed Preference Shares, Series L (the 'Series L Preference Shares') will
be DEM 25.1953 per share.  This amount represents the liquidation preference of
DEM 25.00 per Series L Preference Shares together with accrued and unpaid
dividends of DEM 0.1953 on each Series L Preference Share.  The cash payment of
the Redemption Price will be converted into EURO.

The ISIN number for the Series L Preference Shares is KYG 165472294 and the
Common Code is 8632499.

The Redemption Price for the Company's Euro 6.15 per cent.  Non-cumulative
Guaranteed Preference Shares, Series M (the 'Series M Preference Shares') will be
EURO 25.1922 per share.  This amount represents the liquidation preference of
EURO 25.00 per Series M Preference Shares together with accrued and unpaid
dividends of EURO 0.1922 on each Series M Preference Share.

The ISIN number for the Series M Preference Shares is KYG 165472377 and the
Common Code is B913315.

Dividends will cease to accrue on the Series L Preference Shares and the Series
M Preference Shares on 15 February, 2005.

In connection with the early redemptions, Citibank N.A., London Office, will
serve as the Paying Agent.

BSCH Finance Limited, a company established under the laws of the Cayman
Islands, British West Indies, is wholly owned by Banco Santander Central
Hispano. S.A.







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