Board of Directors Reduced

Banco Comercial Portugues S.A.
8 January 2002

8 JANUARY 2002 FOR IMMEDIATE RELEASE

                       Banco Comercial Portugues, S.A.



            BCP's Board of Directors reduced from 13 to 9 members

Lisbon, January 8, 2002 - Banco Comercial Portugues 'BCP' (NYSE: BPC, BCPPRA)
announced today the resignation of Mr.Pedro Libano Monteiro, Mr. Miguel
Ribeiro Cadilhe and Mr. Rui Amaral Barata from their positions as BCP Board
Members.

As a consequence, and including the recently announced resignation of Mr. Joao
Ramalho Talone, BCP's Board of Directors now comprises nine members, all with
executive functions, in line with the number of Board members BCP had prior to
the acquisition and subsequent merger of Banco Portugues do Atlantico, Banco
Pinto & SottoMayor and Banco Mello. Experience has shown this composition to
be adequate for an entity with the size and profile of BCP, particularly
bearing in mind the restructuring and concentration process of the past two
years, and the fact that three members of the Board of Directors have
international roles: Mr. Francisco Lacerda is a vice chairman of BBG in Poland
on a full-time basis, and Mr. Christopher de Beck and Mr. Antonio Castro
Henriques are involved part-time as members of the executive board of Eureko
B.V.

The thirteen member composition of the Board resulted from the integration of
three former Board members of Banco Portugues do Atlantico and one from Banco
Mello, following the merger of these entities into BCP. Having successfully
concluded its acquisitions and its commercial and operational integration
programmes, BCP's internal structure is now adequate to successfully carry out
its strategic growth and profitability objectives.

To the members of the Board of Directors who have resigned, BCP recognises and
thanks them for the contribution they have made, at the highest level, to BCP'
s development.



Note to Editors

Current composition of BCP Board of Directors:

Jorge Jardim Goncalves - Chairman and CEO

Filipe Pinhal - Vice-Chairman

Christopher de Beck - Vice-Chairman

Alexandre Magalhaes

Antonio Rodrigues

Antonio Castro Henriques

Alipio Dias

Alexandre Bastos Gomes

Francisco Lacerda



For further information:
Miguel Duarte              Banco Comercial Portugues    Tel: [phone]
Toby Moore / Emma Pickford Citigate Dewe Rogerson       Tel: [phone]