MADRID -- Banco Central Hispano, one of the largest banks in Spain, said it expects to reduce its branch total by 500 by the end of 1993 and by 1,000 over a longer term.

A spokesman said subsidiary are taking over 30 of the 161 offices relinquished by the bank this year. The group; had 3,485 offices at the end of 1991.

Central Hispano had reported a 7% decline in operating profit for the first half of 1992, but its net income after extraordinary gains rose 1% to $626 million.

Some of those gains came from the creation of a joint insurance holding company with Assicurazioni Generali.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.