Issue of Debt

Banco Comercial Portugues S.A.
22 May 2001


        Banco Comercial Portugues launches convertible bond issue

Banco Comercial Portugues, SA (BCP) announced today the launch of a Euro 425
million subordinated convertible bond issue. The bonds will be issued by the 
Cayman subsidiary BCP Finance Bank Ltd., guaranteed by BCP on a subordinated 
basis and they will be exchangeable into BCP ordinary shares.

This convertible bond issue materialises a decision made by the Shareholders of
the Bank, who have agreed on such a transaction at their last General Meeting
held in March. The transaction is also part of a capital-strengthening
programme. This programme includes the rights issue and the Euro 600 million
subordinated bond issue done in March.

This transaction allows BCP to enlarge its investor base by reaching a
growing class of convertible dedicated funds and to diversify its capital
raising instruments.

This is BCP's third convertible transaction, after the 1992 ECU 140 million
subordinated bond issued and the 1996 USD 150 million preference share issue.

The issue is currently being placed with international investors.  This process
will determine the final terms and conditions of the issue, namely the interest
rate and the conversion premium. The syndicate is joint lead managed by BCP
Investimento, Goldman Sachs International and Schroder Salomon Smith Barney.