CREDITO VALTELLINESE'S BID OVER 51 PER CENT OF BANCA POPOLARE SANTA VENERA

Credito Valtellinese's Board of Directors already informed the market about its interest in Banca Popolare Santa Venera soc. coop. a r.l. of Acireale.

After Credito Valtellinese's checking gives positive results and Banca Popolare Santa Venera's Board of Directors approves the asset and liability statement on December 31 1997, together with the Audit Company report, the Sicilian bank is joining Credito Valtellinese Group through Credito Valtellinese take-over bid, which is subject to performances that current regulations provide for take-over bids, as well as to any other permit provided by law.

In this respect, we point out that Banca Popolare Santa Venera shares are not exchanged on the official stock markets.

Therefore, the take-over bid will be regulated in compliance with art. 18 of the law 216/74 and provisions concerning it.

The take-over bid concerns 51 per cent of Banca Popolare Santa Venera capital stock and is subject to having a minimum subscription corresponding to such a percentage, as well as to necessary permits granted by the Vigilance Authorities and to the shareholders' approval of Banca Popolare Santa Venera transformation into a joint-stock company and of changes the joining will involve in the articles of association of the bank.

Taking into account Banca Popolare Santa Venera's financial position and economic situation on December 31 1997, Credito Valtellinese's financial undertaking is not exceeding 145 billion lire (L. 375,000 per share. The share nominal value is L. 5,000).

Through Banca Popolare Santa Venera acquisition, Credito Valtellinese is coherently pursuing the strategic plan of expanding its commercial network over the whole national territory. Therefore, the Group consists of numerous banks located all over Italy, which are assisted by specialised companies entrusted with managerial co-ordination, information technology and real estate services, within a harmonious business strategy.