Banca Intesa continues divesting from Latin America in compliance with its 2003-2005 Business Plan. Banca Intesa and Gilex Holding B.V., a Dutch Holding company, signed a Share Purchase Agreement for the sale of Banco Sudameris Colombia, which is 73.60% owned by Gruppo Intesa through Banque Sudameris SA.

According to said Share Purchase Agreement, which also provides for the purchase of a significant minority shareholders’ stake, Gilex Holding B.V. will be acquiring a minimum of 94.73% of the Colombian bank for a cash consideration of US$5 million as compared to a total shareholders’ equity of US$24 million, with a consequent US$14 million charge for Gruppo Intesa to be already accounted for on its 2003 half-yearly consolidated income statement. As of today minority shareholders representing at least 21.13% of the issued share capital of Banco Sudameris Colombia have already committed to sell their shares to Gilex Holding B.V..

Closing of the transaction, where UBS Investment Bank has advised Banca Intesa, is expected by the end of 2003 and is subject to applicable regulatory approvals.