Credito Valtellinese Group: project for rationalization of the Group's operations in the loan sector: resolution passed to assign non-performing Mediocreval loans to Finanziaria San Giacomo SpA.

Sondrio, 20th April 2006 - It is announced that within the framework of the project for rationalization of the Credito Valtellinese Group's operations in the medium and long-term financing sector, the Boards of Directors of Mediocreval SpA (the Group bank destined to assume the role of a bank specialized in issuing and managing medium and long-term loans) and of Finanziaria San Giacomo SpA (the Group holding company with the objective of purchasing, managing, and disinvestment of non-performing loans from Group banks) have approved the following operation: - assignment to Finanziaria San Giacomo SpA in accordance with article 58 of Italian Legislative Decree 1.9.1993 no. 385 of all non-performing loans held by Mediocreval SpA for the total price of approximately € 113,103,000, the equivalent of the value of the loans as of 31st March 2006, calculated according to IAS accounting principles.

The final compensation for the assignment will be calculated on the basis of the value of the loans in question with reference to the accounting situation on the date of the assignment operation, net of all adjustments made and resulting from the accounting situation on the same date.

Execution of the operation-subject to the granting of the required authorization by the Bank of Italy-will presumably take place at the end of June or beginning of July 2006. Acquisition of loans in question by Finanziaria San Giacomo SpA will be financed entirely by Mediocreval SpA at market conditions.

Considering that Finanziaria San Giacomo SpA is 100% owned by Mediocreval Spa, the operation in question is not considered likely to have significant effects on the economic, equity, and financial situation of the Credito Valtellinese Group companies that hold Mediocreval S.p.A. shares (it is to be remembered that 99.95% of the latter's share capital is held by Group banks: 37.43% by the parent company Credito Valtellinese S.c., 31.29% by Credito Artigiano SpA and 31.23% by Credito Siciliano SpA).

Once assignment of non-performing loans to Finanziaria San Giacomo has been completed (currently being registered in the general list of financial sector operators governed by article 106 of Italian Legislative Decree no. 385/1993), Mediocreval SpA will be able to launch its operations in the medium and long-term financing sector.

Company Contact:

Tiziana Camozzi
Institutional Communication Service
Telephone 02 80637471
Email: camozzi.tiziana@creval.it

Raffaella Premoli
Press Office
Telephone 02 80637403
Email: premoli.raffaella@creval.it