BCP Factoring into BCP

Banco Comercial Portugues S.A.
10 October 2002

FOR IMMEDIATE RELEASE                                         OCTOBER 9, 2002







Approval of the merger by incorporation of BCP Factoring into Banco Comercial
Portugues



In accordance with article 248 of the Portuguese Securities Code (Codigo dos
Valores Mobiliarios), Banco Comercial Portugues (BCP, NYSE:BPC, LSE:BCG) hereby
announces that a joint meeting of the Board of Directors has approved the merger
by incorporation of BCP Factoring, S.A. into Banco Comercial Portugues, S.A..



The Project of Merger and the documentation referred to in article 101 of the
Companies Code (Codigo das Sociedades Comerciais) shall be available for
consultation by the shareholders and creditors of both companies at their
registered offices, as from October 17, 2002.



The creditors of the aforementioned companies with credits outstanding before
the day of publication of the announcement related to the project of merger
register in the Official Bulletin (Diario da Republica) have the right, within
30 days after the publication, to legally oppose the merger if they consider
that it may affect their rights.



Considering that BCP Factoring, S.A. will be fully owned by Banco Comercial
Portugues, S.A. at the date of the public deed pertaining to the merger, that
deed will be signed within two months after the date of publication of the
announcement in the Official Bulletin, without previous approval by the
Shareholders General Meetings of the two companies, notwithstanding the
established in number 3 d) of article116 of the Companies Code and article 35 of
the Legal Framework of Credit Institutions and Financial Companies (Regime Geral
das Instituicoes de Credito e das Sociedades Financeiras).









Banco Comercial Portugues

End of Announcement



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