Acquisition

Banco Comercial Portugues S.A.
29 November 2001

FOR IMMEDIATE RELEASE 29 NOVEMBER 2001

         Banco Comercial Portugues to Acquire remaining 50% stake of

                           Banco Expresso Atlantico

(Lisbon, Portugal, November 29, 2001) -- Banco Comercial Portugues 'BCP'
(NYSE: BPC) has entered into an agreement to acquire 3,999,999 shares of Banco
Expresso Atlantico (49.99% of its share capital) previously held by Jeronimo
Martins, for a total consideration of EUR 17.7 million. The acquisition is
pending the Bank of Portugal's approval.

Established in 1996 as the world's first joint-venture between a financial
group and a retail distribution group, Banco Expresso Atlantico was Europe's
first commercial bank to operate solely within distribution outlets. Banco
Expresso Atlantico has steadily increased its client base and achieved
sustained business growth by offering a value proposition based on branch
proximity and convenience, personalized client relations and a complete
offering of financial services and products.

As of September 2001, Banco Expresso Atlantico's loans and advances to
customers amounted to EUR 408 million, EUR 366 million of which were mortgage
loans, and total customers' funds were EUR 80 million. With a network of 82
shops located in popular Portuguese commercial centers such as Pingo Doce
supermarkets and Feira Nova Superstores, Banco Expresso Atlantico's 275
employees now serve nearly 60,000 clients.

After five years of activity Expresso Atlantico reached sufficient critical
mass and technological capacities allowing for the automatization of an
important part of the bank's transactions, leading to a significant operating
costs reduction, while preserving the network's commercial effectiveness.

Upon completion of the acquisition, Banco Expresso Atlantico will be
wholly-owned by Banco Comercial Portugues, allowing for greater flexibility in
realigning its competitive position and its strategy of 'in-store banking'
within the context of BCP's multi-product and multi-channel retail model.

The consolidation and restructuring of the retail banking operations acquired
by BCP justifies its interest in obtaining the full ownership of Banco
Expresso Atlantico as it will bring operational synergies, and enable the
sharing of expertise with the other retail networks within the Group.

Considering the common interest in exploiting an important business line
through the offer of high quality banking services to a wide client base, BCP
and Jeronimo Martins will continue to cooperate to expand the 'in-store
banking' operation in prime location retail outlets and jointly explore
opportunities in the payments card business.

For further information:

Miguel Duarte                Banco Comercial Portugues    Tel: [phone]

Toby Moore / Emma Pickford   Citigate Dewe Rogerson       Tel: [phone]