Statement re Agreement

Banco Comercial Portugues S.A.
01 April 2003


For immediate release                                  March 31, 2003


                              ANNOUNCEMENT


Lisbon, March 31, 2003- In compliance with Article 248 of the Portuguese
Securities Market Law, Banco Comercial Portugues, S.A. ('BCP'; NYSE: BPC, LSE:
BCP) announces that, pursuant to the agreement dated October 22, 2002 among
Eureko B.V., based in Amsterdam, The Netherlands ('Eureko'), Achmea Association,
based in Zeist, The Netherlands, and BCP, the following transactions were
completed today:


 1. BCP sold to Eureko 20.86% of Eureko's own shares. As a result of this
    transaction, BCP reduced its holding in Eureko to 5.0% of Eureko's voting
    shares.


 2. BCP acquired from Eureko 100% of the share capital of Seguros e Pensoes SGPS,
    based in Lisbon, Portugal. The book value of Seguros e Pensoes to be
    reflected on BCP's balance sheet, including goodwill, amounts to € 915
    million, and BCP currently estimates that the goodwill generated by this
    acquisition will be approximately € 400 million.


 3. The difference between the value of the Eureko shares sold and the value of
    the Seguros e Pensoes shares purchased, was settled by means of:


-         a payment by BCP to Eureko of € 150 million in cash. In connection
with this transaction, Eureko will redeem a total of  € 75 million of its own
bonds currently held by BCP; and

-         a payment by BCP to Eureko of € 117 million which corresponds to the
amount invested by Eureko in the capital increase of Seguros e Pensoes  in
December 2002.


End of statement


'Safe Harbor' Statement under the U.S. Private Securities Litigation Reform Act
of 1995: the matters discussed in this document include forward-looking
statements that are subject to risks and uncertainties including, but not
limited to, the state of the Portuguese economy, competition affecting BCP's
business, failure to implement strategies, difficulties with BCP's acquisition
of Seguros e Pensoes or with its international expansion, an inability to
maintain customer base, an ability to properly manage market, credit, liquidity,
operational and underwriting risks, regulatory changes, and other risks
indicated in filings with the U.S. Securities and Exchange Commission.



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