BAssets administration considerable increase and Credito Valtellinese banking Group commercial network development in the first half of 1997.

Credito Valtellinese banking Group Specialsocio newsletter - which the parent bank sent to its more than 48,000 shareholders - points out Credito Valtellinese capital positive performance in the first half of 1997. The Group direct incomes approximately totalled 6,270 billion (+12 per cent in comparison with the first half of 1996) while indirect incomes exceeded 8,090 billion (+7.9%). Credito Valtellinese introduced a new line of assets administrations, Personal Fund Plus, a product offered in association with the Swiss Banking Group Julius Baer, which diversifies the savers' portfolio also on the international markets. The new product made assets administrations increase by 41 per cent and attain 2,890 billion while Credito Valtellinese and Credito Artigiano credit to customers increased by 5 per cent, exceeding 4,100 billion.

Credito Valtellinese and Credito Artigiano strengthened their presence in their respective areas opening additional branches in Saronno, Bulciago and Merate (Credito Valtellinese) and additional counters in Seregno and Lainate (Credito Artigiano). At the end of June 1997, the Group commercial network numbered 114 counters.

The first half of 1997 saw four significant events, which affected Credito Valtellinese Group: Bancaperta launching, arrangements in the commercial network (through a counter exchange between Credito Artigiano and Credito Valtellinese), the Bank on line (the service that enables the Group clientele to operate via the Internet on their accounts) and Banca Popolare di Rho take-over.