DON STURZO BANK JOINS Credito Valtellinese banking Group
Today, in Caltagirone, Credito Valtellinese, the parent bank of the banking group with the same name, and a qualified delegation of Cassa San Giacomo S.r.l shareholders came to a preliminary agreement, aimed at integrating the Sicilian bank within Credito Valtellinese banking Group. Cassa San Giacomo S.r.l was founded in 1896 by Don Sturzo. Its main objective was fighting usury.
The definitive deed of sale is subject to assignment of a minimum shares corresponding to 70% of Cassa San Giacomo capital and to grant of the necessary permits by the Vigilance Authorities. Credito Valtellinese can appoint another bank of the group to the purchase of the shares. Credito Valtellinese also committed itself to maintaining the mark "Cassa San Giacomo".
Once Cassa San Giacomo general meeting will approve the asset and liability statement and the Audit Company's report, each share (nominal value 100,000 lire) will be integrated with 415,000 lire. The price will be also integrated according to the results of a legal dispute.
Through the agreement, Credito Valtellinese strengthens its position in Sicily and develops its commercial network. Cassa San Giacomo, in fact, is much linked to its territory and culturally very close to Credito Valtellinese Group, since it pays particular attention to the local economy and employment. Cassa San Giacomo operates through 13 counters in the provinces of Catania, Syracuse and Ragusa and its staff is made up of 107 employees.
On December 31 1997, global incomes totalled 421 billion (85% of which from direct incomes) and employments totalled 194 billion. At the same date, net assets attained 27 billion, distributed on 91,800 shares.
The transaction in hand is part of Credito Valtellinese Group's strategic policy. The Group's coherent company plan includes various banking commercial networks in Italy, operating together with service companies specialised in the managerial co-ordination, information technology and real estate services.
