Registers 20-F with SEC

Banco Comercial Portugues S.A.
2 July 2002

JULY 2, 2002
                                 FOR IMMEDIATE RELEASE

                               BANCO COMERCIAL PORTUGUES
                                 REGISTERS 20-F REPORT
                     WITH THE SECURITIES AND EXCHANGE COMMISSION


Lisbon, July 2 2002-Banco Comercial Portugues (BCP, NYSE:BPC, BCPPRA), announced
today that it has registered the Consolidated Financial Statements for the year
ended December 31, 2001, in compliance with the Securities and Exchange
Commission regulations for listed companies. This is consistent with the
disclosure practices followed by BCP since its listing in the NYSE in 1992.

The Financial Statements registered with the SEC correspond to the accounts
prepared in accordance with the Portuguese GAAP, presented in the format defined
by SEC's Regulation S-X.

Considering the existence of different accounting criteria and practices in
Portugal and in the United States, we herein include explanatory notes
reconciling the consolidated net income and the consolidated shareholder's
equity presented in accordance with the Portuguese GAAP and the USGAAP.


1.         Consolidated Net Income


The most significant differences are the following:


a)      - € 1,117,194 thousand, related to the amortization of goodwill in a 5
years period (goodwill arising from the acquisition of Banco Mello and Banco
Pinto & Sotto Mayor in 2000).

b)      - € 643,425 thousand, related to the impairment value of the 'available
for sale' portfolio (non-consolidated financial participations and investment
securities), accounted at cost in the local accounts, as a result of a material
decrease in market prices.

c)      - € 251,438 thousand, related to restructuring costs (early retirement
charges) accounted in reserves in local accounts.

The Net Income under USGAAP is - € 1,403,789 thousand, which compares
to + € 571.672 thousand registered in the local accounts.



2.         Consolidated Shareholder's Equity


Consolidated shareholder's equity under USGAAP is € 5,904,981 thousand, which
compares to € 2,187,176 thousand under local rules. The most significant
differences are the following:

a)   Total amount of + € 4,347,870 thousand, related to the non-amortized
goodwill which according to the local accounting principles was totally
written-off against reserves.

b)   - € 638,058 thousand, related to the impairment of the 'available for sale'
portfolio (non-consolidated financial participations and investment securities)
accounted at cost in the local accounts, as a result of a material decrease in
market prices.

The differences herein arise exclusively from distinct accounting rules and are
not due to any correction in financial statements formerly disclosed. We recall
that as a result of the changes introduced in the USGAAP, since January 1, 2002,
the goodwill amortization criteria ceased to be in force and is only subject to
the impairment test. Therefore this item will no longer generate differences
impacting on future results.



We note that the above-mentioned differences have a positive impact, increasing
the consolidated shareholder's equity, as illustrated in the following table:


December 31, 2001                       According to the Portuguese            According to USGAAP
                                             accounting rules

Consolidated Net Income                       € 571.6 million                  - € 1,403.8 million

Consolidated Shareholder's Equity             € 2,187.2 million                  € 5,905.0 million



Banco Comercial Portugues
July 2, 2002



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