Bancaperta: go-ahead to capital increase plan

Sondrio, Tuesday, July 20, 2004 - the Board of Directors of the parent Bank Credito Valtellinese has given go-ahead for the capital increase plan of Bancaperta, the Group member company entrusted with Finance, Funding and Treasury management. Subject to authorization by the competent Authority, the capital increase will be submitted to approval by the shareholders during the Extraordinary General Meeting.

Basically, this capital increase plan is intended to consolidate the role of Bancaperta as Group's advisor and consultant in the financial arena, as well as to proportion the company's capital base to its now many-sided role within the Creval Group.

Total amount of the capital increase is from € 46,800,000 to € 84,240,000 through issue of 1,872,000 new ordinary shares. Issue price is € 26, of which € 20 nominal value and € 6 as paid-in surplus. Four new shares are being offered to holders of Bancaperta shares for every 5 shares held.