Today, the Board of Directors of Crediop has decided, with the backing of its
shareholders, to reinforce the bank"s traditional businesses, i.e. public finance
and services to local governments in Italy, and to expand its activities to
include financial and asset management.
As the leader for more than 80 years in the public finance sector, with a banking
market share of 23% in 2000, Crediop will expand the range of specialized products
and services it offers. This development will be supported by the creation of
a structure dedicated to Major Accounts and by increased contact with clients
in partnership with the Italian Popular Banks which are shareholders of Crediop
(Banca Populare di Bergamo, Banca Populare dell"Emilia Romagna, Banca Populare
de Milano and Banca Populare di Verona) that together operate networks with
a total of 2,000 branches throughout Italy.
In addition to the development of Crediop"s traditional businesses, the Board
of Directors has also chosen to expand the scope of the bank"s activities to
include asset management and investment fund administration in cooperation with
its shareholders, subject to the approval of regulatory authorities. This diversification,
which will benefit from the expertise of Dexia-BIL, will principally target
the sale of financial management products and the administration of investment
funds for Italian collective financial management companies. This development
will be accompanied by a reorganization of existing structures in Italy (Dexia
Asset Management Italy, Dexia SIM Italy and the Milan branch of Dexia-BIL) within
Crediop which becomes Dexia Crediop.
Dexia Crediop, a bank specialized since its creation in financial services
to local governments and to the public sector, thus expands its scope of activities
by becoming the Dexia Group"s principal entity in Italy. The Dexia Group is
the world leader in public finance and financial services to local governments
as well as a major player in Europe in terms of deposits, asset management and
investment fund administration.