CONSOB approves the publication of the Offering Circular for the offering of

a maximum of 53,529,588 new Credito Valtellinese shares (with bonus share), together with
a maximum of 21,411,834 ordinary Credito Valtellinese 2009 share warrants.

Sondrio, May 16, 2007. CONSOB gave approves the publication of the Offering Circular for the offering of a maximum 53,529,588 new share options (with bonus share) together with a maximum of 21,411,834 2008 warrants and a maximum of 21,411,934 2009 warrants, relative to the share capital increase approved by the Credito Valtellinese Extraordinary Shareholders' Meeting of February 10, 2007.

The Board of Directors is to convene today at 18:00 hours determine the final terms and conditions of the offering and, in particular, to set the subscription price of the new issue at a figure of between a minimum of Euro 9 and a maximum of Euro 11, as established by the Extraordinary Shareholders' Meeting of February 10, 2007.

For further information, contact:

Tiziana Camozzi
Institutional Communication and Press Service
Telephone 0280.637.471
Email: camozzi.tiziana@creval.it

Raffaella Premoli
Institutional Communication and Press Service
Telephone 0280.637.403
Email: raffaella.premoli@creval.it