Share Capital Increase

Banco Comercial Portugues S.A.
15 December 2000


Share capital increase by Banco Comercial Portugues, S.A. ('BCP')

(Lisbon,15 December 2000): Pursuant to the provisions of Regulations 11/2000 and
24/2000 of 'Comissao do Mercado de Valores Mobiliarios', Banco Comercial
Portugues (BCP, NYSE:BPC,BCPPRA) announces that public deeds were executed
today, 15 December 2000, in connection with the following corporate actions:

A. The merger by incorporation of Banco Pinto & Sotto Mayor, S.A.('BPSM') into  
   BCP-IF, S.G.P.S., Sociedade Unipessoal, Lda.('BCP-IF') and of the latter into
   BCP. Both BPSM and BCP-IF shall henceforth cease to exist. As a result of    
   this merger, BCP's share capital has been increased by 16,579,774 euro       
   through the issuance of 16,579,774 shares to be delivered to BPSM            
   shareholders according to the terms of the merger previously announced on 5  
   December 2000;

B. A 8,308,353 euro share capital increase by BCP, through the issuance of      
   8,308,353 shares subscribed by the holders of the remaining outstanding      
   convertible bonds issued by BCP in 1996;

C. The split and merger of Banco de Investimento Mobiliario, S.A.('BII') and the
   merger by incorporation of Banco Mello Imobiliario,S.A. and B.M.I-           
   Sociedade Gestora de participacoes Sociais, Unipessoal, Lda. into BCP.       
   These last two companies shall also now cease to exist. As a result of       
   these corporate actions, BCP's share capital has been increased by           
   33,702,432 euro, through the issuance of 33,702,432 shares to be allotted    
   to the only shareholder of BII that, according to article 104 number 3 of    
   'Codigo das Sociedades Comerciais', has the right to receive them.

As a result of the above, the share capital of BCP will be increased to
2,101,562,549 euro represented by 2,101,562,549 shares with a par value of 1
euro.

Registration of the actions referred to above under A. and B. will be applied
for as of this date and the 24,888,127 shares issued are expected to be listed
as at 27 December, 2000, according to the announcement published as at 5
December.

Concerning C (above), both the application for the register of the split and
merger of BII and the application for the listing of the 33,702,432 shares
issued in connection with the same will be made separately by 27 December 2000.

Lisbon, 15 December 2000