PRESS RELEASE

INTESA SAN PAOLO-BANCA DEL MONTE DI PARMA: ANTITRUST GIVES OK WITH PRESCRIPTIONS. INQUIRY TO RE-OPEN UNLESS MEASURES FOR DISSOLVING TIES WITH CREDIT AGRICOLE ARE IMPLEMENTED IN FULL

Otherwise the transaction risks denial because of the dominant collective position that would be created for Intesa San Paolo-Banca del Monte di Parma and Credit Agricole in the markets for deposits and savings, lending to consumer and producer families, and the distribution of services for managed savings and insurance products in the provinces of Parma and Piacenza.

Antitrust Authority gives the go ahead for Intesa San Paolo's (ISP) acquisition of 51% of Banca del Monte di Parma, although investigatory proceedings will be re-opened if the ties between Banca San Paolo and Credit Agricole, which are currently subject to non-compliance proceedings, are not dissolved through full application of Authority prescriptions.

According to the Antitrust Authority, which needs to conclude the Intesa San Paolo non-compliance proceedings by 15 July 2011, Credit Agricole does not yet qualify as a third party due to its ties with the Italian banking group.  The acquisition of Banca del Monte di Parma, therefore, was also scrutinized in light of the market shares held by Credit Agricole in certain sectors through the Cariparma-Friuladria subsidiary. This revealed a dominant collective position in the markets for deposits and savings, consumer and producer family lending and distribution services for managed savings and insurance products in the provinces of Parma and Piacenza. This is why the Antitrust Authority feels that the full implementation of measures designed to ensure impartiality between ISP and Crédit Agricole is the only way to eradicate the restrictive consequences of the Banca del Monte di Parma acquisition.

It is readily apparent that the non-compliance procedures presently underway need to evaluate a series of Intesa San Paolo and Credit Agricole proposals, including further shrinking of the current 4.79% share, the appointment of a divestiture trustee and the freezing of voting rights.

Rome, 24 March 2011