NEW YORK--The Federal Reserve Bank of New York Tuesday approved the application by Banco Santander Central Hispano, S.A., Madrid, Spain to acquire up to 9.64 percent of outstanding ordinary shares of The Royal Bank of Scotland Group, plc, Edinburgh, Scotland.

According to standard procedure, the proposal cannot be completed for 15 days.

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

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