Statement re Subsidiary

Banco Comercial Portugues S.A.
10 January 2003


For immediate release                          January 09, 2003



                                 ANNOUNCEMENT


Lisbon, January 9, 2003 -In accordance with article 248 of the Portuguese
Securities Code and following the announcement made public in August 2, 2002,
Banco Comercial Portugues S.A. (BCP, NYSE: BPC, LSE: BCG) hereby announces that
its subsidiary BPA Bank National Association, registered in the State of New
Jersey, United States, has not reached an agreement to acquire the total share
capital of Interbank of New York and therefore will withdraw the application
requesting authorization for this acquisition submitted to the Office of the
Comptroller of the Currency of the United States.


In spite of the closing of these negotiations, BCP Group will pursue, as
planned, its strategy of consolidating and developing its ' Community Banks'
activities in the USA and Canada.


- end of release -


Banco Comercial Portugues


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