Banca Regionale Sant'Angelo, Banca Popolare Santa Venera and Cassa San Giacomo confirmed the guidelines of a project for the merger of the Sicilian banks.

The initiative is aimed at creating a modern regional bank in Sicily, with a diffused network serving the home territory and supporting the development of the Sicilian economy in accordance with Credito Valtellinese Group's standards. The merger of Banca Regionale Sant'Angelo of Palermo, controlled by Credito Artigiano, Banca Popolare Santa Venera of Acireale and Cassa San Giacomo of Caltagirone, which are controlled by Credito Valtellinese, will not affect the marks, branch networks and independence of the individual banks.

The new bank will dispose of increased assets under management and of a more diffused branch network. Credito Valtellinese banking Group will be therefore entrusted with an even more important role within the economy of the island.

The merger is uniting three banks already integrated as regards organizing guidelines and information systems. This will allow increasing their competitiveness in terms of size, efficiency and profitability, assuring the continuity of those principles that inspire the activity of the Group member banks. The new bank is also benefiting from Credito Valtellinese Group's advanced technologies, which are at the top in the Italian banking system.

By authority received, the merger is expected for the first half of 2002.