Milano, 28 November 2003

In the framework of its disengagement from Latin America, Gruppo Intesa accepted a binding offer from BANCO ACAC Crédit Agricole for Banque Sudameris S.A.'s operations in Uruguay. BANCO ACAC Crédit Agricole is the Uruguayan subsidiary of the French banking group Crédit Agricole.

 

According to the offer these operations will be transferred at a nominal price of US$1 - as compared to a book value of about US$30 million - mainly due to loan book write-downs, with a consequent charge of approximately US$30 million for Gruppo Intesa already accounted for in its 2003 nine-month consolidated income statement.

 

The transaction is expected to be closed in the early months of 2004 subject to obtaining the relevant authorisations.