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& Education

FRIDAY, APRIL 9, 1999

NEW YORK--The Federal Reserve Bank of New York has approved the application by Banco Santander, S.A., Madrid, Spain ("Santander"), to establish a branch in New York, New York, and an agency in Miami, Florida, in connection with its acquisition of Banco Central Hispanoamericano, S.A., Madrid, Spain ("Banco Central").

The Board approved on April 1, 1999 the related application by Santander to acquire Banco Central's U.S. subsidiary bank, BCH-USA, New York, New York.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.

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