Bancomer and Bank of America Announce US$500 Million U.S. Commercial Paper Program.

MEXICO CITY--(BUSINESS WIRE)--Sept. 14, 1999--

Bancomer, S.A. Institucion de Banca Multiple, Grupo Financiero ("Bancomer") and Bank of America announced today the successful renewal of a two-year US$500 million U.S. Commercial Paper program for Bancomer, the commercial banking subsidiary of Grupo Financiero Bancomer. The proceeds of the program will be used to support Bancomer's dollar lending activities. The structure of the program will allow Bancomer's paper to receive an investment grade rating of A1+ and P1 from Standard & Poor's and Moody's Investors Services, respectively.

Bank of America, whose relationship with Bancomer has spanned more than 49 years, is administrative agent on this transaction. Banc of America Securities, a subsidiary of Bank of America Corporation, is arranger. Bancomer accessed the U.S. commercial paper market for the first time in 1995, through Bank of America, with a one-year program.

According to Ricardo Guajardo Touche, President and CEO of Grupo Financiero Bancomer, the program will allow the bank to continue diversifying it's dollar funding sources at competitive levels and will fulfill part of it's treasury planed strategies for funding during the next two years. On the other hand, Mr. Guajardo considers that the Commercial Paper program renewal reaffirms the "close and positive" relationship between Bancomer and the prime international financial institution community.

James McCabe, Country Manager & Representative of Bank of America in Mexico said: "Bancomer once again proves its ability to continue having access to the international bank market in a moment where the volatility in the Emerging Markets complicates the access for many issuers. More importantly, Bancomer continues to be a part of a selective group of Mexican issuers by accessing term financing of this amount."

The commercial paper will be supported by a letter of credit issued by Bank of Montreal. Banco Latinoamericano de Exportaciones, S.A. ("Bladex") and Bank of Montreal will act as co-arrangers. Banc of America Securities, Bank of Montreal, Chase Securities and Merril Lynch will act as co-dealers. The paper will be sold to U.S. institutional investors, including money market funds, insurance companies, banks and corporations.

Banc of America Securities structured and syndicated the transaction among 29 international banks from 11 countries:

-0-

--   Australia: Australia and New Zealand Banking Group
--   Austria: KBC Bank
--   Canada: Bank of Montreal, Royal Bank of Canada, The Toronto
     Dominion Bank
--   France: Banque Nationale de Paris, Natexis Banque
--   Germany: Bayerische Hypo-Und Vereinsbank, Bayerische Landesbank
     Girozentrale, BHF-Bank Aktiengesellschaft, Deutsche Bank,
     Dresdner Bank Lateinamerika, Hamburgische Landesbank
     Girozentrale, Landesbank Rheinland-Pfalz Girozentrale, Landesbank
     Schleswig-Holstein Girozentrale
--   Japan: The Bank of Tokyo-Mitsubishi, The Fuji Bank
--   Panama: Banco Latinoamericano de Exportaciones
--   Saudi Arabia: Arab Banking Corporation
--   Switzerland: UBS
--   United Kingdom: Barclays Bank, Standard Chartered Bank
--   United States: Bank of America, The Bank of New York, The Chase
     Manhattan Bank, Cobank, Comerica Bank, The First National Bank of
     Chicago, Wachovia Bank

-0-

Bank of America, with $614 billion in assets, is one of the largest banks in the United States, with full-service consumer and commercial operations in 21 states and the District of Columbia. Bank of America provides financial products and services to 30 million households and two million businesses, as well as corporate financial services for transactions in 190 countries. Bank of America stock (BAC) is listed on the New York, Pacific, and London stock exchanges, and certain shares are listed on the Tokyo Stock Exchange.