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This is a Spanish version. This is the first of a two-case series (305-058-1 and 305-059-1). This series on Banco Comercial Portugues (BCP) raises broad issues relating to strategy by growth and acquisition and how market leadership can best be created and extended at home or abroad. The authors trace the history of the bank from a much-admired start-up to becoming the largest publicly listed Portuguese financial institution and an up-and-coming player in other European retail banking markets. This case series opens opportunities for class discussion on: (1) the drivers for internationalisation; (2) entry modes in foreign markets; (3) the internationalisation process; (4) organisational structures and blueprints; and (5) managing the implementation process. The teaching note was written by P Verdin.