CREDITO VALTELLINESE ISSUES € 250-MILLION "FLOATING RATES NOTES" ON THE EUROMARKET

Joint Bookrunners Caboto Holding Sim (Gruppo Intesa investment bank) and Royal Bank of Scotland took Credito Valtellinese to the Euromarket with a € 250-million floating-rate bond issue.

The 3-year bond issue (issue price 99.738, due date December 2003) pays a variable rate coupon of 3 months Euribor + 30 basis points.

Bonds - as already in November 1999 - will be listed on the Luxembourg Stock Exchange

The issue of Credito Valtellinese new eurobonds met with the favour of the institutional investors. Credito Valtellinese, in fact, is a reliable issuer and the market is very interested in floating-rate bonds.

The new bond issue will allow Credito Valtellinese to benefit from a longer-term financing and - most of all - to diversify the investor base.

Credito Valtellinese, established 1908, is the parent bank of a multipurpose banking group. In addition to the traditional banking sector, the Group also operates in the field of asset management, private banking, home banking, bank-insurance and leasing.

That's the reason why more and more international investors today regard Credito Valtellinese as one of the most interesting and dynamic banking groups in Italy. The Group consolidated assets total over L. 13,500 billion and its branch network numbers more than 200 branch offices all over Italy.