Banca Regionale Sant'Angelo: Shareholders' Meeting adopts 2001 balance sheet. Results confirm guidelines for the strengthening process

Palermo, April 4 2002. The Banca Regionale Sant'Angelo SpA.'s Annual Stockholders' Meeting has adopted the balance sheet for the year 2001. The bank, which was established on January 1 2001 following the merger of a branch of the Banca Popolare Sant'Angelo into the Nuova Banca del Monte S. Agata, has joined the Credito Valtellinese Group since last June. Then, in the second half of last year, the Regionale Sant'Angelo has been committed to strengthening its branch network and widening its range of services, in accordance with the Group's organizing guidelines.

Below are details of the main balance-sheet aggregates, which are not available for the previous year. As at December 31 2001:

Deposits amounted in all to € 1,149.1 million,
of which
direct deposits: € 832.1 million
indirect deposits (consisting of assets administrations for € 86,079,000 and insurance portfolio for € 49,426,000): € 317 million
Investments amounted to € 567.3 million

As far as the profit and loss account is concerned, at December 2001, the interest margin stood at € 37.7 million, the intermediation margin at € 54.2 million. After entering operating expenses for € 42.3 million, the gross operating income stands at € 7.9 million.

After entering provisions and adjustments for € 18.1 million, according to a prudent management policy, extraordinary incomes for € 12.1 million and taxes on income for € 2.3 million, the result for the year 2001 is € -727,000.

The Annual Meeting has also entrusted Auditing Firm Deloitte&Touche with the Audit of its financial statement.

In the first half of 2001, the Regionale Sant'Angelo has also been adjusting its information system to the Credito Valtellinese Group's advanced standards, which has enabled the bank to offer the range of web-banking service called banc@perta line to more than 6,000 customers. At the same time, the Regionale Sant'Angelo has been further extending its branch network by opening a new branch office, which is located in via Autonomia Siciliana 16, in Palermo. At present, the Banca Regionale Sant'Angelo's network includes 61 branch offices.

The Credito Valtellinese Group is currently considering a plan aimed at the reorganization of the Group's branch network in Sicily. The plan is leading to the establishment of a single member bank serving any area of the island through a network including more than 130 branch offices.