Rileno S.p.A.: The Shareholders' Meeting Approves the Project to Partially Split Off the Business Unit Relative to Local Taxation

Sondrio, 30th May 2006 - The Extraordinary Shareholders' Meeting of Rileno S.p.A., a company wholly controlled by Credito Valtellinese that collects taxes under concession for the provinces of Como and Lecco, granted its approval on 29th May for the project to partially split off the business unit that clears, assesses and collects taxes and other duties for provinces and municipalities and establish it as a new separate company, which will have offices in Sondrio and be called Creset - Servizi Territoriali S.p.A.

This operation is situated in the context of the new legal system for the tax collection sector set out by Italian Law 248/2005. Its purpose is to maintain the presence of the Credito Valtellinese Group in the local taxation services field, as permitted by said law.

The property being conveyed to the new company, which was defined based on Rileno's financial statement values as at 31st December 2005, includes € 15.9 million in assets and € 15.1 million in liabilities.

The difference between assets and liabilities, € 799,902, will be used to establish the new company's net equity, in addition to the € 1,900,000 cash contribution by the sole partner, Credito Valtellinese; the new company's initial share capital will be € 2,600,000.

The operation will take effect when the last of the registrations of the separation contract in the Lecco and Sonrio Business Registries has been filed.

For further information, contact:

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

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