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BANCO COMERCIAL PORTUGUES 1993 ANNUAL GENERAL MEETING; PTE 65 DIVIDEND DECLARED

 OPORTO, Portugal, March 23 /PRNewswire/ -- The Annual General Meeting of Shareholders of Banco Comercial Portugues (NYSE: BPC) took place yesterday in Oporto.
 The AGM was attended by a large number of shareholders (675,750 votes corresponding to 75 percent of the share capital) and included the bank's most important shareholders. The shareholders were enthusiastic in their discussion of the management of the institution, which was a topic of analysis at this meeting.
 The AGM approved the board proposal for a stock dividend of PTE 18,218,000,000 which will raise the Bank's Share Capital to 109,686 million Escudos.
 As part of the proposal to appropriate profits, the AGM approved a cash dividend of PTE 65 per share. This gradual increase of the cash dividend, compared to PTE 60 in 1991, is consistent with the bank's strategy of sustained dividend growth while strengthening the institution's financial soundness.
 The meeting also addressed and approved the creation of a senior board, a body that will replace the Consultative Committee, where the largest shareholders will be represented.
 This new body will have a role of great importance in strategic decision making, since the board of directors is obliged to consult with it before defining important management decisions. As such, the senior board will assure a greater involvement in the affairs of Banco Comercial Portugues.
 As a result of this AGM, some of the articles of the Bank's By-Laws were changed. These changes principally serve to protect the interest of the shareholders, which have accompanied the development of the bank since its incorporation.
 The changes in the By-Laws, now approved unanimously with 59 votes abstaining, and the creation of the senior board demonstrate the importance of a wide shareholder base and the interest of an independent management, both of which have been considered crucial to BCP's success by its founding shareholders.
 -0- 3/23/93
 /CONTACT: Nuno Alves of BCP, 351-1-727-0110; or John McInerney, 212-688-6840 or Sarah Tubbs, 44-71-638-9571, both of Dewe Rogerson, for Banco Comercial Portugues/
 (BPC)


CO: Banco Comercial Portugues ST: IN: FIN SU: DIV

WB-OS -- NY069 -- 9287 03/23/93 15:48 EST
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Publication:PR Newswire
Date:Mar 23, 1993
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