Credito Artigiano to take over Banca Popolare di Rho banking network

Milan, January 7, 2003 - In accordance with the guidelines of the Credito Valtellinese banking Group strategic plan for 2003, the Board of Directors of the member bank Credito Artigiano has resolved on taking over the branch network of the retail bank Banca Popolare di Rho.

Subject to obtaining the required approvals from the Bank of Italy, the take-over is scheduled to become effective March 1, 2003. The Credito Artigiano is going to take over five branch offices located in the cities of Rho and Canegrate, north of Milan, thereby reinforcing its presence in this area.

Below are figures pertaining to Banca Popolare di Rho retail banking activity. As at September 30, 2002, total deposits touched to € 81.5 million. Direct deposits amounted to € 56.1 million, indirect deposits to € 25.4 million, and investments close to € 54.6 million.

KPMG Corporate Finance having provided a fairness opinion on the retail activity of the Banca Popolare di Rho, the Boards of Directors of Credito Artigiano and Banca Popolare di Rho have resolved on the amount of € 6.7 million for the take-over.