Bank of Boston and BayBanks announce new global brand identity: BankBoston; Positions unified company for the future.

BOSTON--(BUSINESS WIRE)--July 8, 1996--Bank of Boston and BayBanks today unveiled a new identity for their combined institution, a transaction announced last December and expected to close by the end of the month, following regulatory approval.

At that time, the holding company for both banks will be known as BankBoston. The new name will also become the single brand for all branches, products and operations around the world when the systems are converted in 1997.

"This new identity is a verbal and visual expression of a united institution that combines the values of the past with the promise of the future," said Chad Gifford, chairman and CEO of Bank of Boston. "It builds on the best of our two existing, strong brands -- the heritage and value of the name Bank of Boston and its venerable eagle, combined with the crisp, colorful and contemporary impact of BayBank's graphics."

"This new name represents the culmination of extensive research and analysis," said William M. Crozier Jr., chairman and president of BayBanks. "The more we studied the positive impact of a merger of such strong institutions, the more we realized that this union demanded one common brand and name, one that would be powerful locally, regionally, nationally and globally. That is precisely what we have achieved: an identity that preserves the best of what each of us brings to the union of our two companies."

"BankBoston is a strong statement of our intention to become one institution and to speak with one voice to our shareholders, employees, customers and communities," added Gifford. "It reflects our commitment to being a focused financial institution that creates value for all of our stakeholders.

"BankBoston leverages the sophistication, savvy and strength of Bank of Boston with the technological innovation, convenience and marketing prowess of BayBanks," continued Gifford. "This brand will become the symbol of one of the pre-eminent financial institutions around the corner and around the world."

"In particular, the word `Boston' represents not only the name of the capital city of Massachusetts, but also history, tradition, strength and value," commented Crozier. "It projects the undeniable attributes of the area's academic, medical and cultural excellence; the dramatic beauty of the region; its passion for the entrepreneur; and the strong and proud heritage of a diverse, hard-working population. Boston is world-renowned for the creativity, innovation and technology that it creates and exports."

Following the announcement of the merger of the two banks in December, Interbrand Schechter, an internationally known brand and imaging company whose other clients include IBM, Coca-Cola, MasterCard and Kentucky Fried Chicken, was retained to recommend a branding program for the combined institution. Its chairman, Alvin Schechter, was responsible for the development of the familiar and successful BayBanks brand, logo and graphics treatment 20 years ago.

Schechter and his team conducted extensive research in New England and South America, interviewing numerous employees at both banks and hundreds of corporate, small business, and private banking customers and other consumers. According to Schechter, "This identity not only preserves the unique strengths of the existing Bank of Boston and BayBanks brands, but will allow BankBoston to compete successfully in the global marketplace and to serve in the first tier of global financial institutions."

"I'm excited about the name BankBoston," said Gifford. "It speaks not only to the merger of our two cultures but of our vision to create a new institution into the future and into the world. This clean, contemporary, fresh new look, name and identity says it all: history, unity, synergy, energy. With BankBoston, it's clear: we're spreading our wings."

Following regulatory approval and the legal merger, BayBanks Inc. and Bank of Boston Corp. will become part of a single holding company to be called BankBoston Corp. Until the conversion to common products and systems in 1997, when the primary signage will change, prominent transitional signage will be displayed and each current entity of the new holding company--including Bank of Boston, BayBank, N.A., BayBank FSB and BayBank NH, Hospital Trust, Bank of Boston Connecticut, South Boston Savings and Banco de Boston in South America--will be identified as "A BankBoston Company."

After closing, Bank of Boston Corp. will have assets of approximately $60 billion. It will operate through 750 offices in 25 countries around the world--the third-largest global network of any U.S. bank -- including a network of 450 branches and 1500 ATMs in New England. The corporation will continue to be listed with the SEC and publicly traded on the New York and Boston Stock Exchanges using the well-known symbol BKB.

CONTACT: Bank of Boston

Karen Schwartzman, 617/434-7594

or

BayBanks

Bruce Spitzer, 617/788-7812