Result of Meetings

Banco Comercial Portugues S.A.
5 September 2000

                BCP and Banco Pinto & Sotto Mayor announce merger

Under  the terms and conditions of paragraph 3 a) of Article 3 of the Regulation
nr.  11/2000 of CMVM and pursuant to the Regulation nr. 24/2000, it is hereby
made public that, during the joint meetings held today, the Board of Directors
of the companies  Banco  Comercial  Portugues, S.A.  (BCP),  BCP  IF, SGPS, 
Sociedade Unipessoal,  Lda.  (BCP IF), Banco Pinto & Sotto Mayor, S.A.  (BPSM), 
Banco  de Investimento Imobiliario, S.A. (BII), Banco Mello Imobiliario, S.A. 
(BMI)  and BMI - Sociedade Gestora de Participacoes Sociais, Unipessoal, Lda.
(BMI, SGPS), have  approved  the  following projects to be resolved upon  at 
the  respective general meetings:

1.    Merger  by incorporation of BPSM into BCP IF and, subsequently,  from  the
latter into BCP, followed by the extinction of the incorporated companies  under
the terms of article 97, nrs. 1 and 4, a) and subsequent of the Companies' Code,
leading  to  a  share  capital increase by BCP of an amount  to  be  determined,
depending  on  the  number of BPSM shares not held by BCP, as well  as  by 
BCP's proposal to buy 'Titulos de Participacao' issued by BPSM;

2.    Merger by incorporation of BMI and BMI, SGPS into BCP, followed  by  the
extinction of the incorporated companies under the terms of article  97,  nrs  1
and 4, a of the Companies' Code, without implying a share capital increase  by
BCP;

3.   Split of BII's assets and liabilities associated to the mortgages granted
to BCP  Group's  clients through the branches and any bank of BCP Group, 
excluding BII, and respective merger into BCP, under the terms of article 118,
nr.1,  line c),  of the Companies' Code, leading to a reduction and subsequent
share capital increase  of  BII  to  94,500,000  Euro, without the  change  of 
the  respective shareholder structure, as well as a share capital increase by
BCP of  33,702,432 Euro;

Moreover, it is hereby made public that the registration of these projects will
be requested today, as well as the necessary approval of the Bank of Portugal to
the practice of such actions. The general meetings to be convened in order to
approve the above mentioned projects are expected to occur until the end of
October.

Lisbon, 4 September 2000

                         BANCO COMERCIAL PORTUGUES, S.A.
                                Sociedade Aberta
                     Sede: Rue Julio Dinis, 705/719 - Porto
                         Pessoa Colectiva no. 501 525 882
                      Mat.na C.R.C. doPorto sob o no. 40.043
                       Capital Social: 2.042.971.990 Euros

                        BANCO PINTO & SOTTO MAYOR, S.A.
                                Sociedade Aberta
                         Sede. Rua do Ouro, 28 - Lisboa
                     Mat. na C.R.C. de Lisboa sob o no. 1.701
                         Pessoa Colectiva no. 500 726 302
                       Capital Social: 165.511.228.000$00