Issue of Equity

Banco Comercial Portugues S.A.
23 February 2001


                           Banco Comercial Portugues

                         BANCO COMERCIAL PORTUGUES, SA.

                  ANNOUNCEMENT OF THE LAUNCH BY BANCO COMERCIAL
        PORTUGUES, S.A. OF AN OFFER FOR SUBSCRIPTION OF UP TO 168,125,003
             ORDINARY REGISTERED SHARES WITH PAR VALUE OF EURO 1 PER
             SHARE TO EXISTING SHAREHOLDERS THROUGH THE EXERCISE OF
                           THEIR RIGHTS OF PREFERENCE

Pursuant to the provisions of article 123 of the Codigo dos Valores Mobiliarios
(Securities  Code), the  increase  of the  share  capital  of  Banco  Comercial
Portugues,  S.A.  from  Euro  2,101,562,549 to Euro 2,269,687,552,  through  the
issuance of 168,125,003 new ordinary registered shares with a par value of  Euro
1  per  share, in the terms and conditions of this announcement and other  offer
documentation, is hereby made public.

1. Issuer's identification

The issuer is Banco Comercial Portugues, S.A. (hereinafter 'BCP' or 'issuer')  a
public  company  whose  registered address is in Oporto,  at  Rua  Julio  Dinis,
705-719,  company nr. 501 525 882, with a share capital of 2,101,562,549  euro,
registered in the Oporto Commercial Registry under nr. 40043/850717.

2. Amount and Nature

BCP's  share capital will be increased from 2,101,562,549 euros to 2,269,687,552
euros, through the issuance of 168,125,003 ordinary registered shares with a par
value of 1 euro each. The offer is exclusively for BCP shareholders, through the
exercise of their respective rights of preference.

All  the  shares  to  be  issued will be registered,  and  will  be  subject  to
registration  in  the  account  of the respective  shareholder  with  authorised
financial intermediaries.

3. Price of the issue and form of payment

All  of  the  168,125,003 shares to be issued, with a par value of 1 euro  each,
shall be placed for subscription at a price of 4.25 euros each, corresponding to
a  premium over par of 3.25 euros per share. Payment for shares subscribed  will
be made in cash and in its entirety at the time of subscription.

Commissions  may  he  due on the amount paid by subscribers depending  on  which
financial institution takes the subscription orders.

4. Offer Method

The  168,125,003 ordinary registered shares to be issued, with a  par  value
of  1  euro  each,  are  offered directly for subscription  to  shareholders
through  the exercise of their respective rights of preference.  The  number
of  new shares to be subscribed results from the application of a factor of
0.08  to the number of subscription rights held at the time of subscription,
rounded downwards.

Shares  initially  not subscribed shall be subject to pro rata  distribution
to  holders of subscription rights who have stated an intention to subscribe
a  number  of  shares  greater than that to which they would  proportionally
have   the  right,  in  the  proportion  to  the  value  of  the  respective
subscriptions, rounded downwards. The additional subscription order must  be
made jointly with the subscription order.

In  case of an incomplete subscription, the share capital increase shall  be
limited to the amount of the shares subscribed.


5. Acceptance Period and Locations

The subscription period shall run from 8:30a.m. on March 2 through 3:00p.m.
on March 16, 2001.

Subscription  orders may be placed at any Banco Comercial Portugues,  S.A.
branch, or through legally authorised Financial Intermediaries.

Subscription  orders may be revoked up to 5 days prior to  the  end  of  the
Offer period, i.e., they are irrevocable from March 12, 2001, inclusive.


6. Rights of Preference

The  present  offer  is directed to shareholders, through  the  exercise  of
their respective rights of preference.

Shares not initially subscribed shall be subject to prorata distribution  to
holders  of subscription rights who have stated an intention to subscribe  a
number  of shares greater than that to which they would proportionally  have
the   right   to,  in  the  proportion  of  the  value  of  the   respective
subscriptions, rounded downwards.

Shareholders who do not wish to exercise their subscription rights,  in  whole
or  in part, may trade them on the Official Trading Market of the Lisbon and
Oporto  Stock  Exchange from die first day on which they  may  be  exercised
through  to  the  4th  business day prior to the  end  of  the  subscription
period, i.e., from March 2, 2001 through March 12, 2001.


7. More information regarding the new shares

Shareholders are informed, in accordance with the offering prospectus, that:

        a) The shares covered by the current offer shall not grant any right
           to dividends or any other distribution which may be approved with
           respect to fiscal year 2000;

        b) In  addition, they shall not confer any right to participate  in  the
           capital  increase  by  incorporation  of  reserves  which   may   be
           determined in the General Meeting of Shareholders of BCP to be  held
           on  March  26,  2001.  It is expected that the public  deed  of  the
           current  share  capital  increase  will  occur  after  that  General
           Meeting of Shareholders.


8. Admission to Listing

A  maximum  of  168,125,003 shares, corresponding to the maximum  number  of
shares  offered  through  the  Public Subscription  Offer  covered  by  this
Prospectus,  shall  be  subject  to  an  application  for  listing  on   the
Official Trading Market of the Lisbon and Oporto Stock Exchange.


9. Development Contracts

No development contracts were entered into related to the present issue.


10. Registration of the Issue

The present issue was subject to prior registration in the CMVM under No.8940.


11. Organisation and Leadership

The  present  issue  was organised and led by BCP  Investimento  -  Banco
Comercial  Portugues de Investimento, S.A., with registered address  at  Av.
Jose Malhoa, Lote 1686, in Lisbon.


12. Method of Publication

The  present announcement of launching is published in the Official Bulletin
of the Lisbon Stock Exchange and in the newspaper Diario Economico.

The  Prospectus  detailing  the  capital increase  covered  by  the  Public
Subscription Offer, is available at the above mentioned headquarters of  the
Issuer,  as  well as at the headquarters and agency of BCP Investimento,  at
Avenida  Jose  Malhoa,  Lote 1686-1070-157 Lisbon  and  at  Rua  Julio  Dinis,
705-719,  Oporto, at the branches of Banco Comercial Portugues, SA,  and  at
Lisbon and Oporto Stock Exchange.

Lisbon 22 February 2001 
                      
                                   The Issuer
                          Banco Comercial Portugues S.A.
                          
                              Financial Intermediary
                                  BCP Investimento

This  rights  offering is made for the securities of a foreign company.  The
offer  is  subject to the disclosure requirements of a foreign country  that
are  different  from  those  of  the  United  States.  Financial  statements
included  in  the  document, if any, have been prepared in  accordance  with
foreign  accounting standards that may not be comparable  to  the  financial
statements  of United States companies. Transfer of rights by  U.S.  holders
is  prohibited except in accordance with Regulation S of the Securities  Act
of 1933.

It  may  be  difficult for you to enforce your rights and any claim  you  may
have  arising under the federal securities laws, since the issuer is located
in  a foreign country, and some or all of its officers and directors may  be
residents  of  a  foreign country. You may not be able to  sue  the  foreign
company  or  its officers or directors in a foreign court for violations  of
the  U.S.  securities laws. It may be difficult to compel a foreign  company
and its affiliates to subject themselves to a U.S. court's judgment.