Bank of Boston opens full-banking subsidiary in Mexico City; Expanding offices to Monterrey and Guadalajara in 1996.

MEXICO CITY--(BUSINESS WIRE)--Oct. 10, 1995--Bank of Boston Corp., which has the third-largest network of international offices of any U.S. bank, today officially inaugurated its new banking subsidiary office in Mexico City.

The full-service wholly owned commercial bank, Banco de Boston, S.A., will provide a wide array of corporate and investment banking products and services in both Mexican pesos and foreign currencies. They will range from global cash management, treasury and foreign exchange to trade services, corporate finance and commercial loans.

"Mexico has advanced significantly in its economic recovery program during the last eight months and, with the level of interest in Mexico growing enormously worldwide, we are delighted to be able to be part of this market opportunity," said Chad Gifford, chairman of Bank of Boston. "The expansion into Mexico further enhances Bank of Boston's position as a laeader in providing financial services to importers, exporters, manufacturers and investors throughout the U.S. and Latin America, where the bank's strength and experience are unmatched."

With NAFTA coming on full throttle, Bank of Boston executives anticipate that an increased number of subsidiaries of many multinational companies from the United States, Europe and Asia will want to participate in the economic development of Mexico.

"We have been actively lending to Mexican companies since 1911 and have maintained a representative office in Mexico City for 25 years," said Luiz de Campos Salles, president of Banco de Boston. "We look upon this major investment in the new subsidiary as an indication of our strong long-term commitment to this expanding market and will be seeking authority to expand our operations to the cities of Monterrey and Guadalajara in 1996 to take full advantage of the growing business opportunities in Mexico."

According to Mark MacLennan, group executive of multinational operations, "Mexico holds great promise for us. We are confident that Bank of Boston's global customer base will benefit from our expansion efforts and we look forward to not only serving U.S. multinational and large Mexican companies requiring a diversified and sophisticated range of financial services, but also increasing the number of local financial institutions we work with."

Bank of Boston's involvement in Latin America dates back to 1917 when it established an office in Buenos Aires to assist New England wool merchants who had business in Argentina.

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 more than 200 offices in 24 countries around the world, currently has 196 offices and $9.3 billion in assets in the emerging markets of Latin America and Asia. The corporation's common and preferred stocks are listed on the New York and Boston stock exchanges.

CONTACT: Bank of Boston Mexico (in Mexico City)

Steve Thomas, 525/257-7900

or

Bank of Boston (in Boston)

Edward J. Russell, 617/434-6883