Credito Valtellinese Group: transfer of the Asset Management branch of Bancaperta to Aperta Sgr

Sondrio, 5 September 2005 - An ordinary and extraordinary Shareholders' Meeting was held today for SGR - a fully owned subsidiary of Bancaperta S.p.A. - which passed a resolution to increase share capital from €3,500,000 to 4,966,000 by issuing 1.466.000 shares, with a par value of € 1 each, to be completely and exclusively released through transfer of the company division represented by the Asset Management Department of Bancaperta. The assessment of the corporate branch was the subject of an appraisal report pursuant to articles 2440 and 2343 of the Italian Civil Code, prepared by an expert appointed by the President of the Court of Milan, certified on 22 July 2005.

With the transfer of the Asset Management Department of Bancaperta - formalised on today's date, immediately following the conclusion of Shareholders' Meeting proceedings - conditions were established for the new SGR to be come operative, with a start date scheduled for 1 October, bringing together all asset management activities carried out by the Credito Valtellinese Group on behalf of third parties.

The foundation of Aperta SGR S.p.A. will further strengthen the group's ability to compete on the domestic asset management market, through a highly specialised structure focused on collective asset management and on institutional assets, capable of seizing all the opportunities offered by financial markets that are increasingly complex and in constant evolution.

Taking into account the total sum of the share capital increase, and the corresponding value attributed to the corporate branch of Bancaperta S.p.A. transferred to one of its fully owned subsidiaries, it is believed that this transaction will not have significant effects on the economic, equity, and financial situation of the companies in the Credito Valtellinese Group which hold the entire share capital of Bancaperta S.p.A..

For more information, please contact: