Credito Valtellinese: purchase of a 10% participation in Banca della Ciociaria capital

Sondrio, 24 February 2006 - further to the press release dated 20 October 2005, where notice was given of the strategic agreement signed between Credito Valtellinese S.c. and Banca della Ciociaria S.p.A. with the aim of developing operative and commercial synergies in central Italy. Credito Valtellinese's entry into Banca della Ciociaria capital with a 10% share, was foreseen in the abovementioned agreement, subject to attainment of the necessary authorisations from the monitoring body, and subject to the fulfilment of the pre-emption procedure provided for in the bylaws of the same bank.

In this respect, notice is given that, having obtained the necessary authorisations from Banca d'Italia, and having completed the pre-emption procedure required by the bylaws, Credito Valtellinese S.c., within the scope of the agreements mentioned above, has purchased 600,000 shares belonging to the Bank, equal to 10% of capital, at an agreed cost of € 6.9 million. The Credito Valtellinese Group, with the strategic collaboration started with Banca della Ciociaria S.p.A. - which has a network of fifteen branch offices in the provinces of Frosinone, Latina and Rome - increases its own presence in central Italy, currently present through Credito Aritgiano S.p.A., which operates in Lazio and Tuscany as well.

For further information, contact:

Raffaella Premoli
Press Office
Telephone +39 02 80637403
Email: premoli.raffaella@creval.it

Tiziana Camozzi
Institutional Communication Service
Telephone +39 02 80637471
Email: camozzi.tiziana@creval.it