Banca di Credito Cooperativo di Busto Arsizio joins Credito Valtellinese Group

Banca Popolare di Rho and Banca di Credito Cooperativo di Busto Arsizio approved a merger project that will entail Banca di Busto Arsizio's joining Credito Valtellinese Group.

In particular, the banks are deliberating on a merger into Banca Popolare di Rho, a bank that was recently transformed into a joint stock company and is directly controlled by Credito Valtellinese. In Busto Arsizio, the bank will operate with the name "Banca di Busto Arsizio". Fourteen Banca Popolare di Rho shares will be issued every four Banca di Credito Cooperativo di Busto Arsizio shares and 286,762 new shares (nominal value L. 10,000 each) will be issued.

Through the merger - subject to the Bank of Italy's necessary permits and to suitability assessment by experts prescribed by the procedure - the banks are strengthening their presence in the respective areas of origin. Credito Valtellinese Group is extending its influence over a very important area in Lombardy, which is characterised by a dynamic and well-organized socio-economic structure.

Banca di Credito Cooperativo di Busto Arsizio currently has one counter in Busto, 7 employees and more than 600 shareholders.