Banca dell'Artigianato e dell'Industria's stockholders' meeting adopts 2001 balance sheet and appoints new members of the Board. Renato Gnutti appointed Chairman

The Banca dell'Artigianato e dell'Industria's annual stockholders' meeting, which was held on Friday April 5 2002, has adopted the 2001 balance sheet and appointed the new members of the Board of Directors. The Board is currently made up of 9 members, instead of 11 as for the previous years.

Mr Mario Cotelli and Mr Pierantonio Valsecchi from the Credito Valtellinese banking Group have taken office as Directors of the bank based in Brescia.

Mario Cotelli is a former ski champion, a freelance journalist and qualified trade adviser for numerous firms. He has been a member of the parent bank Credito Valtellinese's Board of Directors since 1984 and is also member of the management of other banks. In particular, he is Chairman of the Cassa San Giacomo, a bank based in Caltagirone.

Pierantonio Valsecchi has been a qualified and experienced top manager of the Credito Valtellinese for several years. At present, he is the Managing Director of the above-mentioned Cassa San Giacomo, as well as of another member bank: the Banca Popolare di Rho.

Luciano Camagni, Mario Limiroli, Renato Metelli, Marcello Gabana, Pietro Torchio, Guido Zanetti and Renato Gnutti will continue in office as Directors.

During the Board Meeting, which was held immediately after the General Meeting, Mr Renato Gnutti - an important businessman from Brescia - has been appointed Chairman of the BAI's Board of Directors. Mr Valsecchi will be vice-Chairman and Managing Director.

Due to personal reasons, former Chairman of the bank notary Gerolamo Calini has resigned office. Nevertheless, he will continue in office as a member of the management of other companies within the Credito Valtellinese banking Group.

Mr Francesco Guicciardi, Gino del Marco and Luigi Cavalieri will be no longer members of the Board.

Below are details of the main balance-sheet aggregates, which the General Meeting has confirmed.

Direct deposits: € 39,700,000 (+59%), € 51,700,000 including € 12,000,000 from the subordinate bond issue

Assets under management stand at € 75,264,000 (€ 87,264,000 including deposits from the subordinate bond issue)

Credits to customers: in all € 64,596,000 (+51.82%)

Net assets: € 17,910,000 (+34.02%)

In accordance with the guidelines of a plan aimed at the development of its branch network, the BAI has opened three banking outlets, which are based in the famous building in Piazzale Arnaldo n. 26 in Brescia, in the residential area in via Veneto, in Brescia, and in Gussago (Brescia's hinterland).