Merger Proposal

Banco Comercial Portugues S.A.
4 February 2000

                         Banco Comercial Portugues, S.A.
                                Sociedade aberta
                      Sede: Rua Julio Dinis, 705-719, Porto
                              N.I.P.C.: 501.525.882
               Matriculado na CRC. do Porto sob o no: 40043/850717
                     Capital social: 1.000.000.000 de euros

                       Banco Portugues do Atlantico, S.A.
                                Sociedade aberta
                        Sede: Praca D. Joao I, 29, Porto
                              N.I.P.C.: 500.697.477
              Matriculado na C. R.C. do Porto sob o no: 1/790910
                        Capital social: 630.500.000 euros

                                Banco Mello, S.A.
                                Sociedade aberta
                         Sede: Praca D. Joao I, 80, Porto
                              N.I.P.C.: 500.792.739
              Matriculado na C.R-C. do Porto sob o no: 23969/790628
                      Capital social: 385.000.000 de euros

Under the article 339 of the 'Codigo do Mercado de Valores Mobiliarios', it is
hereby  made  public that the Board of Directors of the following institutions:
Banco Comercial Portugues, S.A. (BCP), Banco Portugues do Atlantico, S.A.
(Atlantico) and Banco Mello, S.A. (B. Mello) have approved and will  propose  to
the shareholders, at General Meetings to take place during the month of  March,
the approval of a project to split and merge, including a proposal of merger  by
incorporation, with the total transference of assets from Atlantico and  B.Mello
to BCP.

In the course of this action, Atlantico's shareholders will receive 4 BCP shares
per each 5 Atlantico shares held and Mello's shareholders will receive 213  BCP
shares per 100 B. Mello shares held (each of the BCP and Atlantico, shares have
a face value of 1 Euro and B. Mello shares have a face value of 5 Euro each).

Moreover,  and  in  the  legal  terms, the  above  mentioned  proposal  will  be
available, at the headquarters of each of the institutions, to be consulted by
the shareholders and creditors of each of them.