Credito Valtellinese Group: approval given to Aperta Sgr

Sondrio, August 5 2005 - Banca d'Italia has granted Aperta Sgr authorisation to provide asset management services pursuant to article 33, Legislative Decree no. 58 of 24 February 1998. The authorisation was signed by the Governor of Banca d'Italia on 22 July, the date on which the new SGR (investment firm) in the Credito Valtellinese Group was entered as no. 198 in the registry of asset management companies.

The company, incorporated on 17 November 2004, has a share capital of 3.5 million euros which is entirely held by Bancaperta, a Creval Group company.

Its Board of Directors is made up of Agostino Fusconi (Chairman), Dario Colombo (Director), Norberto Gualteroni (Director), Enzo Rocca (Director), and Dario Segre (Director).

The Board of Statutory Auditors is made up of Ambrogio Picolli (Chairman), Edoardo Della Cagnoletta (Regular Auditor), Simona Valsecchi (Regular Auditor), Maurizio Fondrini (Alternate Auditor), and Alessandro Panno (Alternate Auditor).

The general direction of the new company is entrusted to Daniele Beltrame.

With the foundation of Aperta SGR S.p.A., the group's aim is to strengthen its organisation in the area of specialised finance, providing itself with an operation whose specific skills are focused on collective asset management and on institutional assets. The broader scope of activity expected from the contributions of Aperta SGR will help Creval Group face new challenges in the financial markets, with a range of high-profile services in the sector of investment funds and asset management for private and institutional clients, in addition to seizing new opportunities offered by the recent pension reform.

Aperta SGR's operational effectiveness will be ensured by the transfer of the investment branch of Bancaperta, scheduled for next October; the new company will thus concentrate all of Creval's third-party asset management operations.

For more information, please contact:

Norberto Gualteroni
General Director, Bancaperta SpA
Telephone: 0342/522.510
Email gualteroni.norberto@creval.it

Pietro Fumagalli
Office of General Affairs
Telephone: 0342/522.522
Email fumagalli.pietro@creval.it