Mr. Jose Ramon Gonzalez Resigns From Santander Puerto Rico

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August 30, 2008, San Juan, Puerto Rico - After 12 years with Banco Santander S.A. and 6 years as Country Head of Santander Puerto Rico, Mr. Jose Ramon Gonzalez resigned as President and CEO of Santander BanCorp and of Banco Santander Puerto Rico.

Mr. Juan Moreno Blanco will assume the duties of President and Chief Executive Officer of Santander BanCorp and Chief Executive Officer of Banco Santander Puerto Rico as soon as the necessary legal and regulatory procedures are fulfilled. Mr. Moreno has a Business Administration degree from the University of Houston. He has been with Santander since 1997, where he has held different positions while making important contributions to areas such as commercial banking, marketing and strategic planning, among others. Before his appointment, Mr. Moreno was Director of Business Development for Santander America's Division, where he was responsible for the development of new products and for the Wholesale and Institutional Banking Division.

Carlos M. Garcia, the Corporation's Senior Executive Vice President and Chief Operating Officer, has been appointed the new President and Chief Operating Officer of the Bank, and will also act as interim President and Chief Executive Officer of the Corporation and as interim Chief Executive Officer of the Bank, until Mr. Moreno's non-immigrant visa petition is approved.

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