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PORTUGUESE GOVERNMENT TO CLOSE PUBLIC BIDDING FOR THE PRIVATIZATION OF BANCO PINTO & SOTTO MAYOR

 LISBON, Portugal, Jan. 6 /PRNewswire/ -- The Portuguese government today decided to close the public bidding for the privatization of Banco Pinto & Sotto Mayor (BPSM). The government also announced that a new bidding process will take place as soon as a valuation of BPSM is concluded based on 1993 year-end financial statements. Banco Comercial Portugues (NYSE: BPC) was the only bidder for the abovementioned transaction.
 "We confirm at this moment all statements made during the bidding process, in particular that the proposal we presented reflected a serious comprehensive valuation of BPSM, and that the price offered was the correct one, taking BCP's share value into consideration," commented Jorge Jardim Goncalves, BCP's Chairman and CEO.
 "We intend to follow closely the forthcoming development of the BPSM privatization. Nevertheless, we shall continue analyzing other strategic alternatives so as to increase BCP's market share, in accordance with our goals of growth and diversification within the financial system. Any such decision should guarantee adequate return levels to our shareholders," concluded Mr. Jardim Goncalves.
 -0- 1/6/94
 /CONTACT: Nuno Alves of BCP, 351-1-727-0110; John McInerney of Dewe Rogerson Inc., 212-688-6840; or Kevin Soady or Sarah Tubbs, 071-638-9571, both of Dewe Rogerson Ltd./
 (BPC)


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

SP -- NY076 -- 9829 01/06/94 14:38 EST
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Publication:PR Newswire
Date:Jan 6, 1994
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