Stmt.re Acqn. by Novabank

Banco Comercial Portugues S.A.
26 October 2001


       BCP SUPPORTS NOVABANK PROPOSAL TO ACQUIRE SITEBANK IN TURKEY

Banco Comercial Portugues (BCP, NYSE: BPC) as majority shareholder states full 
support of NOVABANK's announcement made today of its acquisition proposal for 
SITEBANK submitted to Saving & Deposits Insurance Fund of Turkey (SDIF). BCP is 
confident on the success of the outlined banking project and strongly believes 
that the total investment mentioned will not exceed 50 million Euros. In order 
to provide further information we are pleased to herein enclose NOVABANK 
detailed press release.

   'Novabank submitted official proposal for the acquisition of Turkish Bank    
                                    Sitebank

Athens, 26th October 2001 - NOVABANK S.A. a Greek bank with headquarters in 
Athens, announces today that they submitted a proposal to acquire SITEBANK A.S.,
a Turkish commercial bank headquartered in Istanbul. The total estimated 
investment, including the proposed acquisition price, as well as the estimated 
future IT, branches, marketing and personnel restructuring costs and the cover 
of carried-forward losses, will not exceed Euro 50 million (fifty million 
Euros).

SITEBANK has currently 13 branches in 6 cities in Turkey, total assets of Euro 
31 million, and 223 employees. SITEBANK has been under Government control and 
possession (through SDIF) since July 2001 following the liquidity crisis and 
accumulated losses suffered by the Bank in December 2000.

NOVABANK acquisition proposal excludes a number of assets and liabilities, 
branches and staff that do not fit the future strategy to be implemented in case
it succeeds on its bid. The project for the Turkish market is to develop a 
specialized operation focusing on upper-middle and affluent individuals segment.
The total potential of this market segment is estimated to be of 300.000 
individuals, heavily concentrated on the three largest cities, which is 
sufficient to provide critical mass. NOVABANK market research shows that this 
segment is not adequately serviced, in spite of the numerous banks operating in 
the country, including a number of foreign banks. NOVABANK believes that 
SITEBANK can successfully penetrate this market segment with a value position 
based on consistent high quality personalized advice and service, comprehensive 
offering of basic and asset management/investment products, and convenient 
delivery through a variety of distribution channels.

NOVABANK, with the support of its majority shareholder BANCO COMERCIAL 
PORTUGUES, the leading Portuguese bank, has the ability for superior execution 
and, in spite likely prevailing short to medium term risks and volatility, has 
the willingness to pursue this promising growths opportunity.

NOVABANK