Simplify the following text for a Grade 8 native English-speaking person.
Original: The 1999 merger between Santander and Banco Central Hispano ( BCH ) was designed to be a `` merger of equals '' in which the top executives of the two pre-existing firms would share control of the merged entity .
Simplified: The 1999 merger between Santander and Central Hispano was designed to be a `` merger of equals '' . The the top executives of the two firms would share control of the new firm .