press release

Creval Banking S.p.A. (Creval Group): the transfer of the private banking company branch to Bancaperta SpA - financial bank belonging to the Creval Group - is finalised.

Sondrio, 31 March 2006. Please note that, in keeping with the Creval Banking SpA strategic repositioning project within the Credito Valtellinese Group, as at 1 April 2006, the company branch belonging to the abovementioned Bank engaged in private banking activities shall be transferred to Bancaperta SpA - another financial bank belonging to the Credito Valtellinese Group.

The transfer - pursuant to and in accordance with Art. 58 of the Single Text on Banking - reflects the need Creval Banking has to explore new operating horizons, given that the conditions necessary to pursue these activities in the private banking sector are no longer in place following the end of the joint venture with the Swiss Group Julius Baer (please see previous press releases dated August 12, October 12, and 6 December 2005).

The area subject to the transfer for the abovementioned branch provides for - using provisional figures from the financial statements belonging to Creval Banking S.pA. as at 31 December 2005 - the transfer of 3.9 million assets including start-up, and liabilities for 2.6 million. The volume of indirect loans subject to the transfer totals 81.5 million. The operation also includes the transfer of three contracts belonging to three members of staff.

In terms of start-up - whose calculation is subject to the due diligence carried out by the principal external auditing firm commissioned - its value was set at 800,000, having taken into account the relative multi-annual business plan drafted based on the accounts situation for the branch in question as at 31.12.2005, and the development plan for the activities transferred, as well as foreseeable market trends.

The price established for the operation, in light of figures as at 31 December 2005, totals 1,300,297.30. The definitive transfer amount shall be established by 15 May 2006, based on the accounts situation for the company branch as at March 31, as well as, in terms of start-up, the final results of the abovementioned due diligence.

Please note that, taking into account the reduced number of assets and operation volumes subject to the transfer, the transfer will have no noteworthy economic or financial impact, and will have no effect on assets worthy of note, at a Group level.

For further information, contact:

Tiziana Camozzi
Institutional Communication Service Deltas S.p.A.
Telephone 02 80637471

Raffaella Premoli
Press Office
Telephone 02 80637403