Share Exchange Offer, etc

Banco Santander Central Hispano SA
20 July 2000


Banco Santander Central Hispano S.A. informs that at the close of its Share
Exchange Offer in Argentina and the United States for 94,666,698 Ordinary Class
B shares of its Argentine subsidiary Banco Rio de la Plata S.A., a total of
88,830,009 Class B Ordinary shares have been tendered in acceptance (directly or
through ADSs), representing 93.8% of the total of 94,666,698 shares subject to
the Offer.

With the acquisition of these 88,830,009 shares, the shareholding of Banco
Santander Central Hispano in Banco Rio de la Plata stands at 79.2%, with voting
rights of 75.9%.

In order to attend to the exchange of shares of Banco Rio de la Plata, the
Executive Committee of Banco Santander Central Hispano, S.A. agreed today to put
into effect the capital increase approved by the Annual General Shareholders
Meeting of March 4, 2000, raising capital by a nominal 31,725,003 euros, through
the issue of 63,450,006 shares.  The exchange value of this increase consists of
non-monetary contributions comprising the 88,830,009 ordinary class B shares of
Banco Rio de la Plata, S.A. tendered with respect to the subscription and
disbursement of the capital increase by the shareholders of Banco Rio de la
Plata, S.A. who accepted the offer.