Statement in response to article circulated in the press

Sondrio, Fri. October 10, 2003 - With reference to the article published today in Italian daily newspaper "Finanza e Mercati" under the headline "Il Valtellinese pensa all'OPA sull'Artigiano" (Credito Valtellinese to launch take-over bid on Credito Artigiano) Credito Valtellinese - parent bank of the Credito Valtellinese banking Group - is issuing this statement to clarify that no plan about a take-over bid on Credito Artigiano has been submitted to the Board of Directors so far.