New Banking Operation

BANCO COMERCIAL PORTUGUES
28 July 1999


              Banco Comercial Portugues (BCP) and INTERAMERICAN
          announce the launch of a new banking operation in Greece

Banco Comercial Portugues, SA (BCP, NYSE:  BPC, BCPPRA), Portugal's leading
financial services Group, and INTERAMERICAN, Greece's leading insurance
company, have agreed on the launching of a greenfield banking operation in
the Greek market.

The new bank will cater for the retail banking market expecting to operate a
network of over 120 branches in three years time. Total investment will reach
approximately EURO 70 million.

The prospect of Greek integration in the EMU has created a favourable context
for a fast developing financial services market with solid growth prospects.
The new banking operation is a complete service bank, able to satisfy the
overall financial requirements of its customers. Convenience and a strong
service level will be the driving forces of this new venture that will target
all segments of the middle market of individuals. Customer service is
provided through a multi-channel platform consisting of a medium sized
network of branches, an extensive multifunction ATM network, a full
functionality telephone service and Internet based home banking
accessibility.

BCP is Portugal's leading publicly-owned financial services Group and has
been expanding its international activities through alliances with strategic
partners which share a management philosophy for the development of
innovative solutions for financial services distribution. BCP reported on
July 19, 1999, consolidated net income of EURO 330 million for the first half
of 1999, reflecting a 227% increase for the same period of 1998. Earnings
per share amounted to EURO 1.65, while ROE and ROA increased to 41.6% (1998:
19.9%) and 2% (1998: 0.7%), respectively.

BCP is listed in Lisbon (BCPN.IN), London, New York and Frankfurt Stock
Exchanges, with a market capitalisation of EURO 5.1 billion. BCP was
incorporated in June 1985, following deregulation of the Portuguese banking
industry.

BCP has established a strong reputation in banking innovation through its
multi-channel and multi-brand approach to markets. Existing joint-ventures
outside Portugal have strongly benefited both from BCP expertise and from the
local partner's market knowledge.

INTERAMERICAN is the largest private insurance Group in the Greek market,
with a strong presence in life and health insurance and unit linked
investments. It has also been successfully involved, through its
subsidiaries, in the non-life insurance sector, mutual fund management and
credit card services, the provision of medical services, technology, etc.

Growth and momentum are key features for the INTERAMERICAN Group, as its
annual growth rates demonstrates. More specifically, consolidated turnover in
1999 is expected to reach approximately EURO 340 million, that is a 21%
increase as against 1998, while the Group's consolidated profits before tax
are estimated to exceed EURO 70 million, an increase of about 90% in
relation to 1998.

The INTERAMERICAN Group has recently been listed on the Athens Stock Exchange
with a very successful entry performance. INTERAMERICAN's starting
capitalisation amounted to EURO 590 million EURO, while on the second date of
trading its market capitalisation almost tripled (EURO 1,640 million), a sure
sign of a bright future on the Stock Exchange.

INTERAMERICAN's progress and development so far in the financial and
insurance services sector are marked by a management philosophy corresponding
to that of BCP.  For this reason, both Groups are confident that the new
banking operation they are jointly launching in Greece will have all the
conditions necessary for a dynamic and successful future.

For further information:

Rui Lopes                   BCP                      Tel: [phone]

Kevin Soady/Toby Moore/     Citigate Dewe Rogerson   Tel: [phone]
Emma Pickford

John McInerney/Cindy Lyman  Citigate Dewe Rogerson   Tel: [phone]