New Banking Operation

BANCO COMERCIAL PORTUGUES S.A.
28 July 1999


BANCO COMERCIAL PORTUGUES (BCP) AND INTERAMERICAN ANNOUNCED THE LAUNCHING OF A
NEW BANKING OPERATION IN GREECE.

Banco Comercial Portuges, SA (BCP), Portugal's leading financial services Group,
and INTERAMERICAN, Greece's leading insurance company, have agreed on the
launching of a greenfield banking operation in the Greek Market.

The new bank will cater for the retail banking market expecting to operate a
network of over 120 branches in three years time.  Total investment will reach
70 million EURO, approximately.

The prospect of Greek integration in the EMU has created a favorable context
for a fast developing financial service market, with solid growth prospects.
The new banking operation is a complete service bank, able to satisfy the
overall financial requirements of its customers.   Convenience and a strong
level service will be the driving forces of this new venture that will target
all segments of the middle market of the individuals. Customer service is
provided through a multi-channel platform consisting of a medium sized network
of branches, an extensive multifunction ATM network, a full functionality
telephone service and Internet based home banking accessibility.

BCP is Portugal's leading publicly-owned financial services Group and has been
expanding its international activities through alliances with strategic partners
which share a management philosophy for the development of innovative solutions
for financial services distribution.  BCP reported on July 19, 1999 consolidated
net income of 330 million EURO for the first half of 1999, reflecting a 227%
increase for the same period of 1998.  Earnings per share amounted to 1.65 Euros
while ROE and ROA increased to 41.6% (1998:19.9%) and 2% (1998:0.7%),
respectively.

BCP is listed in Lisbon (BCPN.IN), London, New York and Frankfurt Stock
Exchanges, with a market captilization of 5.1 billion EURO.  BCP was
incorporated in June 1985, following deregulation of the Portuguese banking
industry.

BCP has established a strong reputation in banking innovation, through its
multi-channel and multi-brand approach to markets.  Existing joint-ventures
outside Portugal have strongly benefited both from BCP expertise and from the
local partner's market knowledge.

INTERAMERICAN is the largest private insurance Group in the Greek market, with a
strong presence in life and health insurance and unit linked investments.  It
has also been successfully involved, through its subsidiaries, in the sector of
non-life insurance, mutual fund management and credit cards services, the
provision of medical services, technology, etc.

Growth and momentum are key features for the INTERAMERICAN Group, as its annual
growth rates demonstrates.  More specifically, the consolidated turnover in 1999
is expected to reach approximately 340 million EURO, that is a 21% increase as
against 1998, while the Group's consolidated profits before tax are estimated to
exceed 70 million EURO, an increase of about 90% in relation to 1998.

The INTERAMERICAN Group has recently been listed in the Athens Stock Exchange
with a very successful entry performance.  INTERAMERICAN's starting
capitalization amounted to 590 million EURO, while in the second date of trading
its market capitalization almost tripled (1.640 million EURO), a sure sign of a
bright future in the Stock Exchange.

INTERAMERICAN's progress and development so far in the financial and insurance
services sector are marked by a management philosophy corresponding to that of
BCP, for this reason, we are confident that the new banking operation the two
Groups are jointly launching in Greece, will have all the conditions necessary
for a dynamic and successful future.