Bank of Boston assumes retail operations and $200 million in assets of Banco Integrado Departmental in Argentina; Becomes third-largest branch network in Argentina.

BOSTON--(BUSINESS WIRE)--Aug. 17, 1995--Bank of Boston Corp. today announced that Central Bank of Argentina has approved its bid to assume 93 branch offices and approximately $200 million of assets of Banco Integrado Departmental (BID).

BID is the largest financial institution put up for sale so far in Argentina's seven-month old banking crisis. The branch network is principally located in the Buenos Aires, Santa Fe and Cardoba provinces in Central Argentina. Terms of the acquisition were not disclosed.

This purchase will leave Bank of Boston with approximately 140 branches, making it the largest foreign presence and the third-largest branch network of any private bank in Argentina.

"This acquisition is consistent with our strategy of growing revenues and allows us to leverage our excellent market position in Argentina and to sustain our strong earnings momentum," said Bank of Boston Vice Chairman William J. Shea. "We are pleased to be able to help in Central Bank's financial restructuring program, and we are confident that this revenue-enhancing transaction will improve earnings and advance our strategy of preserving a strong and profitable leadership position for Bank of Boston in the burgeoning Southern Cone of the Americas."

According to Manuel Sacerdote, Bank of Boston's president and regional manager in Argentina, "We expect this expanded retail and middle market branch network to dramatically increase our distribution and marketing capabilities and allow us to expand our line of financial services into the attractive central region of the country. This transaction also enhances our historic leadership role in Argentina as the nation's banking industry begins a process of major consolidation."

With the completion of this transaction, Bank of Boston will have the largest distribution network of any U.S. bank in Argentina, Brazil and Uruguay and the primary U.S. bank in the emerging Mercosur regional trading pact. -0-

Bank of Boston Corp. (NYSE: BKB), with assets of $45.3 billion as of June 30, 1995, is one of the top 20 banks in the nation. New England's only global bank, Bank of Boston offers comprehensive personal, corporate and global banking through a network of 500 offices across the U.S. and through its presence in 23 countries around the world, the third-largest overseas network of any U.S. bank. The corporation's common and preferred stocks are listed on the New York and Boston stock exchanges.

CONTACT: Bank of Boston

Edward J. Russell, 617/434-6883 (media)

or

John Kahwaty, 617/434-3560 (investor)