Strategic Partnership

Banco Comercial Portugues S.A.
9 March 2000


             Banco Comercial Portugues and Banco de Sabadell
                      announce Iberian partnership

Lisbon and Sabadell, 9 March 2000, Banco Comercial Portugues ('BCP') and
Banco de Sabadell ('Sabadell') announced today the signing of a strategic
partnership agreement between the two Institutions.

The partnership, founded on a commonality of interests and objectives,
will seek the development of joint initiatives in fields of mutual
interest, in particular in the field of Internet financial services.

The customers of both banks will be offered access to their networks,
supported by open communications at the information systems level and
bolstered by business desks aiming to develop and exploit business
opportunities of existing and newly acquired Iberian clients. The
agreement leads to the integration of Sabadell branches in Portugal
(Lisbon and Porto) into the network of BCP, where the clients of Sababell
will find a preferential relationship.

BCP and Sabadell are developing joint ventures focussing on Iberian
clients, centered on the Internet, targeting the acquisition of private
clients in the Iberian markets as well as the development of  business to
business  solutions for corporate entities, that aggregate financial
products and services provided by the partners as well as other services
provided by third parties, leveraging on the Internet platform to
optimise the management of their businesses.

The parties have agreed to establish cross-shareholdings. It is intended
that BCP will subscribe a share capital increase by Sabadell, to be
proposed to shareholders approval at the Annual General Meeting of 13
April 2000, thus acquiring a participation of 10% in Sabadell, at the
price of 153.9 Euro per share for total consideration of 381.2 million
Euro. Sabadell will receive, as payment in kind for BCP s subscription,
88.2 million shares of Banco Portugues do Atlantico ('BPA'), a subsidiary
of BCP, giving right to receive, upon exchange, 70.6 million shares of
BCP(1). The merger of BPA into BCP has been approved by the Senior Board
of BCP and is to be submitted for shareholder's approval of the companies
at the General Meetings to be held on 15 March 2000.

(1) Estimated to represent 5.3% of BCP's share capital following the
acquisition of minorities in Banco Mello, Companhia de Seguros Imperio
(as per exchange terms preliminarily announced in tender offers and
assuming full tender for BCP shares) and merger of Banco Portugues do
Atlantico into BCP.


Sabadell shall propose to its shareholders that Mr. Jorge Jardim
Goncalves, Chairman of the Board of Directors of BCP, be appointed as
Member of the Board of Directors of Sabadell. The Chairman of BCP will
propose to the shareholders, at the General Meeting to be held on March
15, 2000, that Mr. Jose Oliu Creus, Chairman of Sabadell's Board of
Directors, be elected Member of BCP s Senior Board.

Banco Comercial Portugues, S.A. is Portugal's leading publicly-owned
financial services group and is planning to expand its international
activities through alliances with strategic partners which share a
management philosophy for the development of innovative solutions for
financial services distribution. BCP reported on 25 January 2000
consolidated net income of 430 million Euro for 1999, reflecting a 59%
increase over the same period of 1998. Earnings per share amounted to
0.43 Euro, while ROE and ROA increased to 25% (1998: 21.7%) and 1.2%
(1998: 0.9%), respectively.

Banco Sabadell, incorporated in Catalunha in 1881, is the head of the
fourth largest Spanish banking group, integrating several banks and more
than twenty financial subsidiaries and associated finance companies.
Sabadell's network of domestic and foreign branches provides nationwide
coverage as well as a presence in 15 other countries. Its Total Assets
and Funds exceed 15,400 and 16,700 million Euro, respectively. In 1999,
Sabadell posted net income of 176 million Euro, representing an increase
of 13.65% over 1998, and its ROE and ROA reached 17.86% and 1.24%,
respectively.

Banco Sabadell sees this partnership as its first strategic alliance with
European banks, leading to a strengthening of its businesses in this area
and as a preparatory step for its coming listing.


For further information:

Rui Lopes                 Banco Comercial Portugues  Tel: [phone]

Kevin Soady/Toby Moore/   Citigate Dewe Rogerson     Tel: [phone]
Emma Pickford

Cindy Lyman/              Citigate Dewe Rogerson      Tel: [phone]
Melissa Payne-Smith