Second stage of the project 'Cassa San Giacomo'

Sondrio, Wednesday, July 17 2002 - The Credito Valtellinese Board of Directors has started the second stage of the project 'Cassa San Giacomo'. Upon authorization by the Supervision Authority, the Cassa San Giacomo has transferred its branch network to the new bank Credito Siciliano. From now onwards, the new mission of the Cassa San Giacomo will be linked to the management of credit facilities and to services provided to the whole Group, in particular as regards the legal department, leasing contracts and legal advice.

A second stage of the project is aimed at the acquisition of the non-performing loans from the Group member banks. Upon the required authorizations, the Credito Siciliano is now acquiring about € 145 million at the most.

Before the loan selling, the Credito Artigiano and Credito Siciliano are expected to join the Cassa San Giacomo shareholder profile (at present, the Credito Valtellinese holds 99%) with 30 percent each.