Credito Valtellinese Group and Julius Baer Group agree to dissolve their joint venture in the private banking sector; Credito Valtellinese will buy back the Swiss Group's entire holding in Julius Baer Creval Private Banking.

Sondrio, 12 August 2005 - Today the Credito Valtellinese group and the Swiss group Julius Baer Group formalised a letter of intent for the CV group to buy back a majority interest of Julius Baer Creval Private Banking ("JBCPB").

After due examination, the parties reciprocally acknowledged that there were no longer grounds to continue the joint venture agreement signed in February 2003, and therefore decided to each pursue their own goals with separate projects in the private banking sector.

The new agreement foresees the transfer of 51% of JBCPB share capital to Creval Group for an overall sum of approximately 9.5 million euros (fundamentally determined on the basis of the shares' net equity value as at 30 June 2005). Transfer of ownership is scheduled for next October for a first tranche amounting to 41% of JBCPB share capital, whereas the remaining shares will change hands by the end of July 2006.

The agreement will be submitted to the competent authorities for necessary authorisations.

For more information, please contact:

Alberto Della Penna
General Office
Telephone 0342 522664
Email dellapenna.alberto@creval.it