Crozier Retires From BankBoston -- Gifford Elected Chairman.

BOSTON--(BUSINESS WIRE)--Oct. 23, 1997--At today's meeting of the Board of Directors of BankBoston, William M. Crozier Jr. announced his decision to retire as an active officer at the end of 1997. The Board congratulated Mr. Crozier on his distinguished 34-year career with BayBanks and BankBoston and designated him Chairman Emeritus. The Board was pleased that Mr. Crozier has agreed to stay on the Board through the Annual Meeting in 1999.

Effective January 1, 1998, Chief Executive Officer Chad Gifford will assume the additional title of Chairman.

Mr. Crozier remarked, "After 34 years with BayBanks and now BankBoston, I have been privileged to help create and grow a Boston-based financial institution that is a national and international leader. With the merger, announced almost two years ago, we have taken a giant step toward combining the best of two great companies, including the introduction of our marketing know-how and convenience-oriented technology to BankBoston's rapidly expanding presence in Brazil and Argentina. BankBoston is now ideally positioned. The company has revenue and earnings momentum, and my partner Chad Gifford has clearly demonstrated a unique capacity to lead BankBoston successfully along the path of creating continued value for customers, employees, shareholders and communities alike. Satisfied and proud of what we have accomplished, I feel it is now time to step down and have Chad take the helm as Chairman as well as CEO. With Chad and Henrique Meirelles, I have every confidence in BankBoston's future."

Chad Gifford paid tribute to Mr. Crozier, saying, "I am pleased that Bill will remain as a member of the Board and will continue to impart his wisdom and advice on a variety of issues. Over the past two years, Bill and I have developed a special relationship and he deserves tremendous credit for the successful integration of our two companies. Without question, Bill's tenure of 21 years as CEO of BayBanks was a textbook example of how to create one of the country's finest consumer banks, and I have enormous respect for his accomplishments. He has been my partner and my mentor--and he will always remain my good friend."

Among Bill Crozier's many significant achievements, several were highlighted by the Board and Mr. Gifford, including:

--BayBanks' distinctive green logo that became a familiar sign of

convenience-oriented, technology-driven retail banking

excellence.

--BayBanks' automated teller machines that regularly won national

honors for customer activity, product innovation and operational

integrity.

--With the advent of banking through personal computer, BayBanks'

national leadership in P.C. banking, and the introduction of a

pioneering banking-at-home catalogue.

--BayBanks' fully-competitive portfolio of services to

Massachusetts corporate customers and careful attention to their

special needs--particularly in the troubled times brought on by

the recession of the early 1990's.

--As the public turned more actively toward investing, BayBanks'

successful introduction of a popular family of mutual funds--the

BayFunds--to meet the cash management and investment needs of

both its consumer and corporate customer base.

--Throughout his career at BayBanks and BankBoston, Bill

Crozier's singular focus and disciplined commitment to innovation

and excellence in consumer banking, which earned him a

well-deserved reputation for a sustained commitment to the

changing needs of sophisticated customers who have come to rely

on 24-hour-a-day, 7-day-a-week, technology-driven convenience and

service.

BankBoston (NYSE:BKB), with assets of $68.2 billion as of September 30, 1997, was founded in 1784 and is the 15th-largest bank holding company in the United States. BankBoston is engaged in: consumer banking in southern New England; financing to selected corporations regionally, nationally and internationally; and full-service banking in key Latin American markets. The Corporation and its subsidiaries operate through a network of offices in the United States and through more than 100 offices in 23 countries in Latin America, Europe and Asia, 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: BankBoston Corp.

Kristen Haberman (media), 617/434-6883

or

John Kahwaty (investor), 617/434-3650