BANCA DI BUSTO ARSIZIO JOINS CREDITO VALTELLINESE GROUP.

On October 1, the merger into Banca Popolare di Rho

In consequence of deliberations taken during their Extraordinary Meetings, Banca Credito Cooperativo di Busto Arsizio and Banca Popolare di Rho (a Credito Valtellinese Group bank) merged on October 1 1998.

Although Banca di Busto Arsizio formally renounces its personality, it strengthens its commercial identity. After the merger, it operates with the name "Banca di Busto Arsizio - Divisione della Banca Popolare di Rho", within a production structure that offers advanced products and financial services to its clientele. Therefore, shareholders and customers enjoy further opportunities.

"Banca di Busto Arsizio - Divisione della Banca Popolare di Rho", in fact, joined Credito Valtellinese banking Group, a national group, which includes four local banks (Credito Valtellinese, Credito Artigiano, Banca Popolare Santa Venera, Banca Popolare di Rho), deeply rooted in their respective areas. Then, there is a "second-level bank" (Bancaperta), which plays a financial role for the whole Group, especially as far as asset management, asset administrations, private banking, enterprise finance and virtual banking are concerned. There are two service companies, one (Bankadati Servizi Informatici) for Information Technology and Telecommunications, the other one (Stelline Servizi Immobiliari) for the real estate management: Finally, Deltas is the company entrusted with the group common strategy co-ordination.

As regards data, Credito Valtellinese Group globally administrates 18 thousand billion lire, has 1,900 employees and nearly 190 counters, distributed in 14 provinces of our country. At the end of the first half of 1998, net profits totalled 15.2 billion, more than twice as much as in the first half of 1997 (+ 115.7%).