Result of Equity Issue

Banco Comercial Portugues S.A.
02 April 2003



   Not for release, publication or distribution in or into the United States,

               Canada, Australia, France, Japan or South Africa



                  BANCO COMERCIAL PORTUGUES RIGHTS OFFERING



Lisbon, April 2 2003 - According to the final results released today, the rights
offering of Banco Comercial Portugues, S.A. was fully subscribed.  Of the
930,685,950 ordinary shares offered for subscription, 915,578,119 shares will be
issued pursuant to the exercise of proportional rights (corresponding to
approximately 98.4% exercise of the proportional rights) and 15,107,831 shares
will be issued pursuant to the exercise of oversubscription rights.
Applications (including for oversubscription) amounted to 3,427,341,653 shares
in total, approximately 3.7 times the number of shares offered in the rights
offering.



In spite of the difficult market conditions, exacerbated by the outbreak of
hostilities in Iraq, the rights offering received strong support from
shareholders of the Bank and other investors.  Commenting on the results, Mr
Jorge Jardim Goncalves, the Chairman of the Bank, said: 'We believe that the
rights offering will improve the conditions for the Bank to consolidate its
leading position in the Portuguese banking market and to pursue a strategy of
selective international expansion in attractive markets, while maintaining a
strong commitment to rigorous capital management'.




This document does not constitute an offer to sell or the solicitation of an
offer to buy BCP's ordinary shares.  Offers should only be made on the basis of
information in a prospectus issued in connection with the offering and any
supplements thereto containing detailed information about BCP and its
management, as well as financial statements. The offer of any ordinary shares in
certain jurisdictions may be restricted by law and therefore potential investors
should inform themselves about and observe any such restrictions. BCP's ordinary
shares issuable upon exercise of the rights have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the 'U.S.
Securities Act') and may not be offered or sold within the United States, or to
or for the benefit of a U.S. Person, absent an exemption from the registration
requirements under the U.S. Securities Act and applicable state securities laws.




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