Julius Baer and Credito Valtellinese to set up joint venture in the Italian private banking sector

Zurich/Milan, November 20, 2002 - Julius Baer Holding SA, Zurich, and the Credito Valtellinese banking Group, Sondrio, have signed an agreement for the establishment of a joint venture in the Italian private banking sector.

Based in Milan, the jointly-owned company Julius Baer Creval Private Banking S.p.A. will provide private banking services to the Italian market. Operations at the new bank are scheduled to commence by June 2003 at the latest. Subject to obtaining the required approvals from the authorities, the company will have an equity capital of € 15 million, 51% of which will be owned by Julius Baer. The Board of Directors will be made up of Thomas Baer and Raymond J. Baer from Julius Baer, together with Giovanni De Censi, Renato Bartesaghi and Miro Fiordi from the Credito Valtellinese.

The new company will combine the major strengths of both partners, offering high-quality products and services to the large Italian private banking market. Julius Baer Creval Private Banking S.p.A. represents an ideal marriage between the efficient organization and prominent position of Credito Valtellinese in the Italian market, and the long-standing and proven experience of Julius Baer in the field of private banking and asset management.

The agreement signed today in the private banking sector further strengthens the partnership between Julius Baer and Credito Valtellinese. For many years now the two banks have been working together successfully in the Italian market of investment funds.

For further information contact:
Jürg Stähelin, Julius Baer Holding Ltd, Zurich, phone: +41 (0) 58 888 5327
Miro Fiordi, Credito Valtellinese, Sondrio, phone: +39 0342 522672