Rights Issue

Banco Comercial Portugues S.A.
25 March 2003

Not for release, publication or distribution in or into the United States,
            Canada, Australia, France, Japan or South Africa

                                 PRESS RELEASE




                               BCP'S RIGHTS ISSUE


Lisbon, March 24th, 2003 - The Board of Directors of BCP reports that core
shareholders (a group that owns approximately 54% of the outstanding shares of
BCP) have informed BCP of their current intention to exercise at least 80% of
the proportional rights belonging to them.



The subscription period started on March 14th and will run until March 31st,
2003. The rights will trade on Euronext Lisbon until tomorrow, March 25th, 2003.



This public offer is being made in Portugal in accordance with the Portuguese
Securities Code ('Codigo dos Valores Mobiliarios') and is only addressed to
persons to whom it may lawfully be made. In particular, in order to comply with
relevant security laws it is not being made by any means or instrumentally,
directly or indirectly, in the United States, Canada, Australia, Japan or South
Africa, and rights may not be exercised by persons in those jurisdictions,
including US Persons (as defined in regulation S under the U.S. Securities Act
of 1933 (the 'Securities Act')).

This document does not constitute an offer to sell or the solicitation of an
offer to buy BCP ordinary shares.  Neither the pre-emptive subscription rights
nor the ordinary shares offered pursuant to the exercise thereof have been, or
will be, registered under the U.S. Securities Act of 1933, as amended (the
'Securities Act') or any state securities laws, and such ordinary shares may not
be offered or sold within the United States or to, or for the account or benefit
of, U.S. persons (as defined in Regulation S under the Securities Act), unless
an exemption from the registration requirements of the Securities Act is
available.  Offers will only be made on the basis of information contained in a
prospectus issued in connection with the rights offering and any supplement
thereto, containing detailed information about BCP and its management, as well
as financial statements.

Any document in connection with this offer does not constitute an offer to sell
or a solicitation of an offer to buy any securities where such offer is
unlawful. The offering and sale of the ordinary shares in certain jurisdictions
may be restricted by law.



Direccao de Comunicacao e Relacoes Institucionais       Fax. [phone]
Rua Augusta, no 62/96  1149-023 LISBOA                  Tel. [phone]

http://www.bcp.pt                                        Email: [e-mail]




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