Agreement with Banco Sabadell

Banco Comercial Portugues S.A.
22 October 2002





FOR IMMEDIATE RELEASE                                     22 OCTOBER 2002


                         BANCO COMERCIAL PORTUGUES ('BCP')

                        Agreement with Banco Sabadell SA

Lisbon, October 22, 2002 - In accordance with article 248 of the Portuguese
Securities Code (Codigo dos Valores Mobiliarios), Banco Comercial Portugues S.A.
hereby announces having reached an agreement with Banco Sabadell S.A, to further
develop ActivoBank7 in Portugal and ActivoBank in Spain in a more  coordinated
way with their respective domestic operations, with each bank controlling the
local operations of their subsidiaries. Accordingly, Banco Comercial Portugues
will sell 46.62% of the share capital of ActivoBank Spain to Banco Sabadell,
maintaining full control of ActivoBank7 in Portugal. For this transaction BCP
will receive a total amount of € 49.7 million. This transaction will have a € 26
million positive impact in the Bank's capital base.

Both entities make a very positive evaluation of the performance of ActivoBank7
and ActivoBank Spain in their respective markets. The above mentioned
transaction is the starting point of a new phase of consolidation of this
innovative project creating the conditions to further improve operational and
commercial efficiency and to develop commercial strategies focused on their
respective market segments.

The activity of ActivoBank7, launched in Portugal in May 2001, was supported by
the large experience acquired by Banco 7 since 1994, and is a pioneer initiative
in direct banking promoted by Banco Comercial Portugues. It has experienced a
strong development with more than 20,000 accounts opened, € 268 in clients
financial assets under deposit and an unquestionable leadership in stock
exchange transactions with a market share of 30%.

Banco Comercial Portugues and Banco Sabadell will pursue the strategic
partnership aggreement signed by the two entities in 2000 and will continue to
develop joint initiatives that will be of interest to both institutions
considering the strong commercial ties between Spain and Portugal.

The execution of the above mentioned transaction is subject to the applicable
legal procedures.

Banco Comercial Portugues

End of Announcement.


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