Credito Valtellinese Group: completion of restructuring of activities in the tax collection sector

Sondrio, October 2 2006 - The project involving restructuring of Credito Valtellinese Group's activities in the tax collection sector has been completed. Said project was carried out in order to comply with the new system introduced under Law No. 248/2005, with the aim of continuing activities in the local tax sector, as provided for under said law.

Indeed, the last few days have seen completion of separation of the local tax division of Rileno S.p.A. - a Credito Valtellinese Group company and authorised agency of the national tax collection service for the provinces of Como and Lecco - through the setting up of a new company called Creset Servizi Territoriali S.p.A. that will be responsible for collecting local taxes.

The new company, with a share capital of € 2.6 million, owned entirely by the parent company Credito Valtellinese, will start operating today subsequent to entry in the Companies' Register of Sondrio on September 29 2006. The first Board of Directors will be composed of the following appointed members: Matteo Diasio - appointed as Chairman of the Company - Luca De Censi, Vittorio Pellegatta, Franco Sala, Mauro Selvetti. The members of the Board of Auditors are the following: Marco Bormetti - Chairman - Edoardo Della Cagnoletta and Sandro Litigio - Statutory Auditors - and Roberto De Tomasi and Alessandro Panno - Alternate Auditors. Maurizio Del Pra was appointed General Manager of the company. Creset will be included in the Group as soon as the relative authorisation is obtained from Banca d'Italia.

The total assets and liabilities subject to transfer - calculated on the basis of Rileno S.p.A.'s balance sheet figures at December 2005 - comprise assets totalling € 15.9 million and liabilities totalling € 15.1 million. The difference of € 0.8 million, together with a € 1.9 million payment in cash by the sole partner Credito Valtellinese, represents the new company's net equity.

The restructuring project was completed on September 27 2006 with signing of the contract to transfer the total holding in the share capital of Rileno S.p.A. to Riscossione S.p.A., a company which, as from October 1 2006, performs national tax collection services on behalf of the Inland Revenue, in compliance with the provisions of the aforementioned Law No. 248/2005.

Transfer to Riscossione S.p.A. of the 50% holding in Ripoval S.p.A. was also completed on said date. Ripoval S.p.A. is a tax collection agency for the province of Sondrio, jointly owned by Credito Valtellinese and Banca Popolare di Sondrio.

The price of the aforementioned transactions will be calculated on the basis of the net equity of the companies being transferred at September 30 2006, certified through due diligence activities that will be carried out within the following 15 days by an auditor mutually appointed by the parties. Said price will be settled through subscription - which Credito Valtellinese is already obliged to perform - of new shares issued in relation to an increase in the share capital of Riscossione S.p.A. which will be completed by February 28 2007.

For further information, contact:

Tiziana Camozzi
Telephone 0280.637.471
fax 0280.637.398
camozzi.tiziana@creval.it

Raffaella Premoli
Telephone 0280.637.403
fax 0280.637.297
premoli.raffaella@creval.it