NEWS
[BANK OF BOSTON LOGO APPEARS HERE]                            RELEASE

FOR IMMEDIATE RELEASE                               CONTACTS: Karen Schwartzman
                                                              Media Relations
                                                              (617) 434-7594

                                                              John Kahwaty
                                                              Investor Relations
                                                              (617) 434-3650

            MEIRELLES NAMED PRESIDENT AND CHIEF OPERATING OFFICER,
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              BRINGING GLOBAL PERSPECTIVE AND BROAD CORPORATE AND
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             CONSUMER BANKING EXPERTISE TO SENIOR MANAGEMENT TEAM
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        BOSTON, MA, July 25, 1996 -- Acting upon the recommendation of Chairman
and CEO Chad Gifford, the Board of Directors of Bank of Boston Corporation today
elected Henrique de Campos Meirelles as President and Chief Operating Officer,
as well as a member of the Board.

        Meirelles, reporting to Gifford, will be responsible for all of the 
major businesses of the company. He will relocate to Boston and will assume his
full-time role as COO on October 1.

        Vice Chairman Bill Shea will continue to serve as Chief Financial 
Officer and the company's principal link to investors and analysts; Vice 
Chairman Ed O'Neal will continue in his key role heading up all integration 
activities with BayBanks.

        Commenting on today's announcement, Chad Gifford said, "Henrique 
Meirelles brings to this important position key strengths:  international 
management experience, proven financial performance, excellent marketing skills 
and consumer banking expertise, and wide global perspective.  He has 
dramatically grown our franchise in Brazil, and his leadership has made us the 
fastest-growing financial institution in a country with the largest and most

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dynamic economy in Latin America.  Henrique has been a successful pioneer in 
consumer banking and has assembled a first-class team of talent.  He has also 
been a visible and highly respected business and civic leader."

        "In joining our senior management team, Henrique allows me to focus on 
formulating strategy, allocating capital, instilling our values, and on
selecting key people to lead our team. And by creating the position of COO, our
senior partnership is freed up to concentrate on the enormous opportunities that
lie before us."

        Concluded Gifford, "Henrique adds real leadership strength to our 
company at a time when we are gaining momentum and positioning ourselves for the
future.  With the BayBanks closing scheduled for next week, and with our name 
change announcement earlier this month, we have reaffirmed our commitment to 
this region and are on our way to creating regional banking prowess and 
positioning ourselves as a truly global financial competitor.  We are managing 
for value, and increasingly we are growing revenues and profitability not only 
in New England but around the world, especially in South America.  Henrique's 
presence here in Boston, as President and COO, will assist us in sustaining that
momentum and adding credibility, energy and valuable global perspective going 
forward."

        Bill Crozier, Chairman of BayBanks and soon to be Chairman of 
BankBoston, commented, "Henrique Meirelles is a singularly talented manager, 
and I'm delighted with Chad's choice.  This is another clear indication that 
the new BankBoston will be a unique competitor -- not only strong in our home 
region but growing aggressively internationally as well."

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     Meirelles, age 50, has served as President of Banco de Boston, Brazil since
1984, and has overseen a dramatic increase in revenues and profitability. A 24-
year veteran of Bank of Boston, Meirelles is president of the American Chamber
of Commerce and executive director of the Brazilian Federation of Banks. A
graduate of the University of Sao Paulo, he received his M.B.A. from the Federal
University of Rio de Janeiro and attended the Advanced Management Program at the
Harvard Business School.

     Bank of Boston Corporation (NYSE:BKB), with assets of $50.8 billion as of  
June 30, 1996, is a focused financial institution engaged primarily in 
commercial and consumer banking in southern New England, financing to selected 
corporations and individuals nationally and internationally, with a focus on 
indigenous banking in Latin America.  New England's only global bank, the 
Corporation and its subsidiaries operate through a network of 500 offices in the
U.S. and through more than 100 offices in 24 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.


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