The birth of the CREDITO SICILIANO: a new bank for Sicily

Wednesday, May 22 2002 - Extraordinary Meetings of the shareholders called yesterday by the Banca Regionale Sant'Angelo S.p.A., Banca Popolare Santa Venera S.p.A. and Leasingroup Sicilia S.p.A. (all of them are Credito Valtellinese banking Group member companies) have unanimously confirmed the plan for the merger of the three companies, which is leading to the establishment of the new bank Credito Siciliano.

Exchange ratios fixed by the Annual Meetings of the three companies will be as follows: 34 ordinary shares of the Credito Siciliano will be issued every 5 shares of the Banca Popolare Santa Venera. The Leasingroup Sicilia S.p.A.'s stock will be totally cancelled, as the Credito Siciliano will hold all of the shares.

The merger of the Banca Popolare Santa Venera and Leasingroup Sicilia into the Banca Regionale Sant'Angelo, which is leading to the establishment of a single bank called Credito Siciliano, is a step forward towards the establishment of a regional bank serving any area of the island and offering great support to the development of Sicily's economy.

The plan is aimed at the creation of a more competitive structure benefiting from synergies and scale economies, nevertheless characterized by the principles that have inspired the business tradition of the merging companies. The Credito Siciliano will start operating as from July 1 2002.

The Banca Regionale Sant'Angelo's Annual Stockholders's Meeting has also resolved on the appointment of the new members of the Board of Directors: they are Luciano Camagni, Giovanni Continella, Mario Cotelli, Giovanni De Censi, Miro Fiordi, Antonio Leonardi, Carlo Negrini.

The new members of the Board of Auditors will be: Giovanni Licciardi (Chairman of the Board and Acting Auditor), Angelo Garavaglia and Carlo Sorci (as Acting Auditors), Matteo Diasio and Alessandra Foti (as Temporary Auditors).

The Board of Directors of the Banca Regionale Sant'Angelo (which will become the Credito Siciliano on July 1 2002) has appointed Mr Giovanni De Censi Chairman, Mr Giovanni Continella vice-Chairman, Carlo Negrini Managing Director.