Statement re Capital Increase

Banco Comercial Portugues S.A.
24 February 2003



 NOT TO BE DISTRIBUTED IN AUSTRALIA, CANADA, FRANCE, JAPAN, SOUTH AFRICA OR THE
                            UNITED STATES OF AMERICA



FOR IMMEDIATE RELEASE                                     FEBRUARY 24, 2003



                         BANCO COMERCIAL PORTUGUES ('BCP')
                           Plans for Capital Increase


Lisbon, 24th February 2003 - Banco Comercial Portugues (BCP, NYSE: BPC, BCPPRA)
informs that, as per the authorization today granted by the Annual General
Shareholders Meeting, its Board of Directors will decide on a rights issue of up
to Euro 930 million in cash, at an issue price of Euro 1.00 per share. Proceeds
from this planned offering of new shares will be used to strengthen the capital
base of the Bank. Merrill Lynch International and UBS Warburg have agreed to
underwrite the rights offering.

BCP's Chairman and CEO, Jorge Jardim Goncalves has commented that 'this
operation is an important initiative to attain adequate conditions to pursue
sustainable consolidation and development for BCP. The Bank's strategy is based
on the consolidation of its strong domestic position as market leader,
generating significant returns and capital, as well as on the development of
operations in selected foreign markets with attractive potential, such as Poland
and Greece'.

This rights issue is a key step in the implementation of BCP's strategy, in
addition to other recent initiatives, which include: the agreement to realign
the Eureko B.V.  partnership, reducing the participation of the Bank to 5% and
acquiring 100% of Seguros e Pensoes Gere, S.G.P.S.; the issue of Euro 700
million mandatory convertible securities, and the issue of Euro 375 million of
perpetual debt. Given the strategic development plans of BCP, and subject to
stable economic and market conditions, BCP's post issue capitalization levels
will comfortably exceed the regulatory requirements, thus addressing the current
market preference for strongly capitalized financial institutions.

The Board of Directors of BCP believes that the plan to increase the capital
base of BCP is in line with its stated objectives and is in the best interest of
shareholders, allowing BCP to capitalise on its strategy to achieve strong
returns from its leading position in the Portuguese market and its focused
international strategy.

BCP will, subject to compliance with applicable laws and regulations, make
available to shareholders and the market in general, information with the final
terms and conditions of this issue and related offering materials.



LEGAL NOTICE



This document does not constitute an offer to sell or the solicitation of an
offer to buy the rights for BCP shares or BCP's ordinary shares.  The rights and
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 and may not be sold
or offered within the United States except pursuant to an exemption from the
registration requirements under that Act and applicable state securities laws.


'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.





Banco Comercial Portugues, S.A.

End of Announcement





For further information:


Miguel Duarte          Banco Comercial Portugues           Tel: [phone]
Toby Moore             Citigate Dewe Rogerson              Tel: [phone]






                      This information is provided by RNS
            The company news service from the London Stock Exchange