Credito Siciliano: non performing loan selling

Palermo, Monday September 30, 2002 - As written in a press release dated July 17 2002, following the authorization by the Supervision Authority, the Credito Siciliano (Credito Valtellinese Group member bank) has sold its non-performing loans to the Cassa San Giacomo (also a Credito Valtellinese Group member bank) for about € 140 million. From now onwards, the mission of the Cassa San Giacomo will be basically oriented towards the management of risks associated with the disbursement of credit facilities.

The Cassa San Giacomo has also increased its capital stock. At present, the Cassa San Giacomo shareholder profile is as follows: the parent bank Credito Valtellinese holds 37.35%, the Credito Siciliano 31.23%, the Credito Artigiano 31.29%, other shareholders 0.13%.