Acquisition

Banco Comercial Portugues S.A.
27 June 2000



Banco Comercial Portugues, S.A. (BCP) announces the conclusion of its capital
increase process, pertaining to the acquisition of Banco Pinto & Sotto Mayor,
S.A., Banco Mello, S.A. and Companhia de Seguros Imperio, S.A. resulting from
the public offers of acquisition launched by BCP, as well as from the merger by
incorporation into BCP of the remaining minority interests in Banco Portugues do
Atlantico and Banco Mello. The capital increase has occurred in two stages:

(1) increase from 1,000,000,000 Euro to 1,808,038,871 Euro, corresponding to
    an issuance of 808,038,871 new shares with nominal value 1 Euro each, by
    means of a public deed dated 19 June 2000, as consideration for the 
    acquisition of shares representing 97.8% of Banco Pinto & Sotto Mayor,
    95.7% of Banco Mello and 97.5% of Companhia de Seguros Imperio; and 

(2) increase from 1,808,038,871 Euro to 2,042,971,990 Euro, corresponding
    to an issuance of 234,933,119 new shares with nominal value 1 Euro each,
    by the means of a public deed dated 23 June 2000, as consideration for
    the merger of the remaining minority interests in Banco Portugues do
    Atlantico and Banco Mello by incorporation into BCP.

'With the conclusion of the acquisitions perfected by BCP in the context of the
consolidation of the Portuguese financial sector, we have achieved a strategic
goal - to increase significantly the market capitalization of our company -
under conditions that allow us to express our optimism towards the growth
prospects of BCP Group and to maintain announced expectations for value
creation' said Mr. Jardim Goncalves, Chairman and CEO of BCP, who concluded:
'Certain of the support granted by BCP shareholders, we are pleased by the trust
our initiatives have received from the shareholders of the target companies,
clearly demonstrated by their acceptance of BCP shares, thus making a rights
issue by BCP unnecessary.  With the strengthening of our financial position, as
seen in estimated Tier 1 and Total ratios of 8% and 9%, respectively, BCP is
confident in the sound development of its expansion projects, both in the
domestic and international markets.'