PRESS RELEASE

COMPLETED THE SALE OF THE PLEDGE LOANS BUSINESS LINE

  • Gross capital gain of approx. 33 million euro, with an important contribution to the 2020 net profit

Sondrio, 30 January 2020 - Creval announces that today the sale of the pledge loans business line to Custodia Valore - Credito su Pegno S.p.A (a company belonging to the Wien-based Group Dorotheum) has been completed. The transaction, authorized from the Relevant Authorities, will take effect from February 3, 2020 in conjunction with the migration of IT systems, which has started in the previous days.

As part of the sale agreement, in line with previous communication, Creval has undertaken to

  1. grant credit facilities to Custodia Valore to support ordinary activities and (ii) to continue to provide information technology and support services to company.

The total cash consideration received by Creval for the transaction is equal to 38 million euro, corresponding to a gross capital gain equal to 33 million euro, providing an important contribution to the net profit for the current year.

The transaction is consistent with the 2019-2023 Business Plan guide lines, which provides for a greater focus on core businesses of Creval, with the aim of strengthening commercial banking activities for households and SMEs in the regions the bank operates.

Contacts:

Investor relations

Media relations

Image Building

+39 02 80637127

+39 02 80637403

Cristina Fossati,

Anna Pirtali

investorrelations@creval.it

mediarelations@creval.it

+39 02 89011300

creval@imagebuilding.it

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Creval - Credito Valtellinese S.p.A. published this content on 30 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2020 22:09:02 UTC