Santander Announce Abbey CEO

RNS Number:3307E
Abbey National PLC
21 October 2004


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR FROM CANADA,
AUSTRALIA, JAPAN, MALAYSIA OR ITALY


FOR IMMEDIATE RELEASE


21 October 2004



         ABBEY WELCOMES SANTANDER ANNOUNCEMENT REGARDING NEW ABBEY CEO


Abbey National plc ("Abbey") notes the announcement made today by Banco
Santander Central Hispano, S.A. ("Santander") that it intends to appoint
Francisco Gomez-Roldan as Abbey Chief Executive with effect from 15th November
2004, subject to completion of the acquisition of Abbey by Santander.

Lord Burns has also agreed to stay on as Chairman of Abbey following completion
of the acquisition.

Lord Burns said: "Luqman and I welcome the announcement by Santander that it
intends to appoint Mr Gomez-Roldan upon completion of the acquisition of Abbey
by Santander.  His extensive experience with the Santander group will be
invaluable in ensuring Abbey's transition to new ownership goes smoothly.  His
credentials in retail banking, including his time as Chief Executive of Banesto,
and his in-depth knowledge of Santander's technology, will be of great benefit
to the continuing revitalisation of Abbey.

"As I said at the shareholder meetings last week, I am looking forward to
continuing as Abbey Chairman, and working with Francisco, helping with the
integration and continuing the successful turnaround of the bank."


End


Enquiries to:

Media

Christina Mills               020 7756 4212
Matt Young                    020 7756 4232

Analysts/investors

Rohith Chandra-Rajan          020 7756 4184
Israel Santos                 020 7756 4181



The availability of the Acquisition to persons who are not resident in the
United Kingdom may be affected by the laws of the relevant jurisdictions in
which they are located.  Persons who are not resident in the United Kingdom
should inform themselves of, and observe, any applicable requirements.

Morgan Stanley & Co. Limited is acting exclusively for Abbey and for no one else
in connection with the Acquisition, will not regard any other person as a client
in relation to the Acquisition and will not be responsible to anyone other than
Abbey for providing the protections afforded to clients of Morgan Stanley & Co.
Limited nor for providing advice in relation to the Acquisition, or any matter
referred to herein.

Lehman Brothers International is acting exclusively for Abbey and for no one
else in connection with the Acquisition, will not regard any other person as a
client in relation to the Acquisition and will not be responsible to anyone
other than Abbey for providing the protections afforded to clients of Lehman
Brothers International nor for providing advice in relation to the Acquisition,
or any matter referred to herein.

UBS Investment Bank is acting exclusively for Abbey and for no one else in
connection with the Acquisition, will not regard any other person as a client in
relation to the Acquisition and will not be responsible to anyone other than
Abbey for providing the protections afforded to clients of UBS Investment Bank
nor for providing advice in relation to the Acquisition, or any matter referred
to herein.

This announcement does not constitute an offer for sale of any securities or an
offer or an invitation to purchase any securities in any jurisdiction. The New
Banco Santander Shares will only be distributed to existing Abbey Shareholders.
The New Banco Santander Shares to be issued to Abbey Shareholders under the
Scheme have not been, and will not be, registered under the U.S. Securities Act
of 1933, as amended, or under the securities laws of any state, district or
other jurisdiction of the United States, Australia, Japan, Malaysia or Italy and
no regulatory clearances in respect of the registration of New Banco Santander
Shares have been, or will be, applied for in any jurisdiction (other than as set
out in the following paragraph).  In the United States, the New Banco Santander
Shares will be issued in reliance upon the exemption from the registration
requirements of the U.S. Securities Act of 1933, as amended, provided by Section
3(a)(10) thereof.  Under applicable US securities laws, Abbey Shareholders and
holders of Abbey ADSs who are affiliates of Abbey prior to, or will be
affiliates of Banco Santander after, the Effective Date will be subject to
certain U.S. transfer restrictions relating to the New Banco Santander Shares
and the New Banco Santander ADSs received in connection with the Scheme.

The provincial securities laws in all provinces of Canada, other than Quebec,
require the first trade in the New Banco Santander Shares to be made through an
exchange or a market outside of Canada or to a person or company outside of
Canada or otherwise on a prospectus exempt basis under such laws.  In addition,
when selling the shares, holders resident in a province of Canada other than
Quebec must use a dealer appropriately registered in such province or rely on an
exemption from the registration requirements of such province.  Banco Santander
will apply for a ruling or order of the Financial Markets Authority in the
Province of Quebec to exempt the first trade or resale of New Banco Santander
shares issued to Abbey Shareholders resident in the Province of Quebec from the
prospectus and registration requirements of Quebec securities legislation.


This is not an advertisement in the course of investment business.



                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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