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Milano, 6th December 2002
Today the contract was signed for the sale of the entire stake held by IntesaBci in Banco di Chiavari e della Riviera Ligure equal to 48,735,000 ordinary shares corresponding to 69.62% of share capital to Banca Popolare di Lodi at a price of 405 million euro cash. The sale of the stake will lead to a capital gain of about 270 million euro for Gruppo IntesaBci.

IntesaBci had received three purchase offers.

Banca Popolare di Lodi, directly or indirectly through its own Group’s companies, will make a compulsory tender offer on the remaining 30.38% share capital, pursuant to provisions contained in art. 106 of Testo Unico 58/1998.

As at September 30th 2002, Banco di Chiavari e della Riviera Ligure had total customer deposits under administration of 4,848 million euro (comprising 1,340 million euro of direct customer deposits and 3,108 million euro of indirect customer deposits), loans to customers of 1,434 million euro, shareholders’ equity of 211 million euro including net income for the period of 14 million euro.

After the sale, IntesaBci will have 97 branches in Liguria, which account for 11% market share (based on June 30th 2002 figures).

Banco di Chiavari e della Riviera Ligure was established in 1870, its staff is made up of 830 employees and its network of 78 branches: 76 of which in Liguria, in the provinces of Savona, Genova and La Spezia and the remaining 2 in the province of Alessandria.

 

The completion of the transaction is subject to the approval of the competent authorities.

 

In the light of this transaction Gruppo Bipielle boasts of over 800 branches spread throughout the country with sizeable share markets in Lombardy, Tuscany, Liguria, Emilia Romagna, Latium, Sicily above all and carries on a consistent growth project attained through the mergers of banks with strong roots in their local areas.

Banco di Chiavari e della Riviera Ligure network will make it possible for Gruppo Bipielle to further and significantly enlarge its own activity in the area of big strategic relevance of Liguria and Tuscany with no geographical overlapping. In fact Banco di Chiavari e della Riviera Ligure fully integrates with the existing Group Network particularly with the network of former Casse del Tirreno acquired at the end of 1999 (Cassa di Risparmio di Lucca, Cassa di Risparmio di Livorno e Cassa di Risparmio di Pisa).

Following this acquisition the number of Bipielle branches increase from 4 to 78 in Liguria and from 8 to 10 in Piedmont adding to the 230 branches in Tuscany.

Once the transaction is completed Gruppo Bipielle will reach a free consolidated margin exceeding one billion euro while fully complying with the Tier one ratio.

 

For further information, please contact:

IntesaBci – tel. +39 - 02.8844.3531 / 06.4678.6853

Banca Popolare di Lodi – tel. +39 - 0371.580264

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