Credito Valtellinese banking Group and Gruppo Banca Popolare di Cividale to sign cooperation agreement

Tue, December 16, 2003 - In a meeting held today, the Boards of Directors of Credito Valtellinese S.c.a.r.l. and Banca Popolare di Cividale S.c.a.r.l. (parent banks of the banking groups with the same names, respectively) have resolved on a strategic cooperation agreement, under which the Credito Valtellinese Group will take a minority equity stake of 25 percent in Banca di Cividale S.p.A., thereby offering growth opportunities for the bank based in Friuli.
Under this agreement the two Groups will also set up common initiatives to develop their banking networks in the Venetian area and in neighbouring countries in Eastern Europe.
Under the plan approved today by the Boards of Directors, Credito Valtellinese and Banca Popolare di Cividale will formalize their collaboration with the setting up, by the end of January 2004, of a new agreement, which will ultimately have to be approved by the competent authorities of both parties.