Credito Valtellinese: The Shareholders' Meeting approves the financial statement as at 31.12.2004 and the plan for amending the bylaws. The Board of Directors reappoints Giovanni De Censi as Chairman

Sondrio, 16 aprile 2005 AToday over 1700 shareholders were in attendance at the Extraordinary and Ordinary General Shareholders' Meeting of Credito Valtellinese, the parent company in the banking group of the same name. The Meeting, in addition to unanimously approving a plan to amend the bylaws, primarily aimed at bringing the content of certain articles into line with the new regulations on corporate law, went on to unanimously approve the financial statement as at 31 December 2004, renew the powers granted to directors for carrying out operations on own shares, renew the appointment of four board members whose terms are expiring, and supplement the Arbitration Committee with the appointment of a new regular arbitrator.

FINANCIAL STATEMENT AS AT 31.12.2004

The accounting results shown on the individual financial statement point to a positive trend in all primary consolidated assets and in economic indicators, with an operating profit of 36.5 million euros, up 13.8% for the year. This dividend of €0.40 approved by the Meeting is in keeping with the one paid in 2003, but is in relation to a greater number of shares making up the share capital (66,010,651 as opposed to 54,577,884 in the previous financial year) and will be made payable on 28 April at all authorised brokers employing the centralised administration system Monte Titoli S.p.A, whereas the date of dividend registration is scheduled for 25 April. The Shareholders' Meeting also reviewed the consolidated financial statement of the Credito Valtellinese group, which shows a significant increase in operating volume and economic margins, with net profits up 51% at 23.9 million euros.

CORPORATE BODIES

The Shareholders' Meeting provided for the appointment of four board members for the three-year period from 2005 to 2007, in accordance with the list vote procedure introduced in 2001. All board members whose terms are up-Giovanni De Censi (Chairman), Mario Cotelli, Franco Bettini, and Giuliano Zuccoli-were reappointed to office; in accordance with the requirements set by the Self-Regulation Code for companies listed on the stock exchange, which Credito Valtellinese has implemented, all the above members were qualified as independent, with the exception of Giovanni De Censi, who is the executive director. The Shareholders' Meeting also elected Mr. Emilio Rigamonti, a well-known Valtellinese businessman active in the food industry, to the office of Regular Arbitrator.

APPOINTMENT OF CHAIRMAN

The bank's Board of Directors met after the Shareholders' Meeting to reappoint Giovanni De Censi as Chairman for the three-year period 2005-2007. Mr. De Censi has been Chairman of Credito Valtellinese since April 2003, after having held the office of General Manager from January 1981 to June 1996, and subsequently, of Managing Director; he holds many other top posts with subsidiaries (Credito Siciliano, Credito Artigiano) and affiliates (Istituto Centrale delle Banche Popolari Italiane; Julius Baer Creval Private Banking), as well as cooperative lending institutions and trade associations.

For further information, contact:

Diego Muffatti
Board Secretary
Telephone 0342 522316
E-mail muffatti.diego@creval.it

Alberto Della Penna
General Office, Credito Valtellinese
Telephone 0342 522664
E-mail dellapenna.alberto@creval.it