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BCP BOARD TO PROPOSE INCREASE IN EQUITY

 BCP BOARD TO PROPOSE INCREASE IN EQUITY
 LISBON, Portugal, Feb. 7 /PRNewswire/ -- Banco Comercial Portugues


today issued the following:
 Proposal for a Global Program to Increase Equity
 on the Agenda for the Annual General Meeting
 BCP's board of directors will propose at the annual general meeting on March 9, 1992, that a program to increase the bank's equity base be approved, via both the domestic and international markets. This is in line with Banco Comercial Portugues' policy of raising equity with a view to take advantage of business opportunities stemming from much greater coverage of the domestic market and its pursuit of a strategy of internationalization.
 The objective of the long-term funding program is to raise about 50 billion escudos, which will strengthen the bank's profile in the domestic and international markets. It will also allow for the development of a more international shareholder base.
 Capital Increase with Incorporation of
 Reserves and Rights Issue
 The first component of the funding operation will consist of an increase in share capital with the incorporation of 11 billion escudos of reserves, on the basis of a bonus issue of one free share for every six held by current shareholders and a 6.6 million share rights issue on a one-for-ten basis. The bank will reserve 330,000 shares for employees. This first component of the operation will be completed in the first four months of the year.
 The proposal submitted to the general assembly will be to price the rights issues at 1.500 escudo per share.
 Issue of Subordinated Bonds in
 the Euromarkets of Up to 30 Billion Escudos
 The issue of a subordinated bond for up to 30 billion escudos will constitute the second part of BCP's funding operation. The bond will have a maturity of ten years, thus being eligible as part of the bank's capital. A part of this bond will be in the form of an ECU-denominated convertible and placed in European financial markets. This transaction will be underwritten by major international financial institutions. CISF (BCP's 51 percent owned investment bank) will act as co-lead manager.
 Issue of ADRs Designed to Expand the Base
 of International Investors and Increase the Liquidity
 of BCP's Securities in the U.S. Market
 The third component of BCP's long-term funding program will be issuance of up to 7.5 million ADRs representing BCP shares.
 This transaction, too, will be underwritten by major financial institutions and is scheduled for the second quarter of 1992.
 -0- 2/7/92
 /CONTACT: Jose Pinto Bastos, 010-351-1-342-7381, or Nuno Alves, 010-351-1-727-0110, both of BCP, in Portugal; or Fern Lazar or John McInerney of Dewe Rogerson in New York, 212-688-6840, for BCP/ CO: Banco Comercial Portugues ST: IN: FIN SU:


GK-OS -- NY015 -- 7656 02/07/92 10:01 EST
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Date:Feb 7, 1992
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