Credito Valtellinese: increased share in Banca della Ciociaria finalized, going from 10% to 37.9% of its capital

Sondrio, March 15, 2007 - Credito Valtellinese S.c. is in the process of implementing agreements signed on October 31, 2006 and has already obtained the necessary permission from relevant authorities. Today they finalized the acquisition of 1,677,427 shares in Banca della Ciociaria S.p.A., which translates to approx. 27.9% of the plundered bank's capital. This is in exchange for the payment of a first tranche totaling € 8.2 million of the overall price, which has a maximum of € 20.6 million and will be officially defined based on the bank's net equity in the financial statements from Dec. 31, 2006.

Due to the aforementioned operation, the share Credito Valtellinese holds in Banca della Ciociaria is now recorded at approx. 37.9% of its capital. Subsequently, agreements within the company were established among some of the bank's shareholders, which provide for rules of joint governance, in addition to the possibility of a further increase in the share held by Credito Valtellinese by exercising the option to buy, as granted by the shareholders who signed the agreements.

The operation is part of a more extensive plan for strategic collaboration between the two banks and the groups that head them. The plan aims at strengthening the market role of Banca della Ciociaria in the geographic areas served, by developing new dynamics in terms of business and operations.

For further information, contact:

Tiziana Camozzi
Institutional Communication and Press Service
Telephone 02 80637471
Email: camozzi.tiziana@creval.it

Raffaella Premoli
Institutional Communication and Press Service
Telephone 02 80637403
Email: premoli.raffaella@creval.it