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Banca del Gottardo to Remain Part of the Rentenanstalt/Swiss Life Group

Lugano (ots) In conjunction with the strategic reorientation of
the Rentenanstalt/Swiss Life group, and after due consideration, a
sale of the Banca del Gottardo is being ruled out for the time being.
Details concerning this decision, taken by the Board of Directors of
Switzerland's biggest life insurer in full agreement with the
Ticino-based bank's top management, were revealed during the
Rentenanstalt/Swiss Life press conference held in Zurich on 18
September 2002.
In the wake of its recent strategy revision, the
Rentenanstalt/Swiss Life group has decided that going forward it will
focus on its core businesses of life insurance and pension provision.
As a result, it will disinvest non-core sector activities. In terms
of this new strategic direction, Banca del Gottardo has been defined
as non-core. A sale of the Lugano-headquartered bank will only be
taken into consideration, however, under more stable market
conditions and will depend essentially on the ability of a potential
buyer to offer future prospects and a business plan compatible with
the bank's own strategic orientation and positioning. Cooperation
between Rentenanstalt and the Banca del Gottardo will remain close,
particularly in relation to Rentenanstalt/Swiss Life's asset
management activities.
Since joining the Swiss Life group (in the first half of 1999),
the Banca del Gottardo has proved profitable, generating earnings of
340 million francs by the end of 2001, while increasing its assets
under management from 31 billion to roughly 38 billion francs at the
end of the first half of 2002. The bank has shareholders' equity
exceeding 1 billion francs. Calculated according to legal norms, the
Banca del Gottardo's excess capital is 350 million francs, further
underscoring its solidity.
In the last two years, the Banca del Gottardo has made important
strides in the execution of its own strategy, including the
realisation of an onshore network in the Italian market that has
brought more-than-encouraging results. Following its outstanding
launch in Bergamo and Milan, the Banca del Gottardo Italia plans to
open three new branches in the next few months in Turin, Genoa, and
Rome.
Banca del Gottardo with head office in Lugano (Switzerland), is a
member of the Swiss Life Group, the market leader in Switzerland and
Europe's fifth largest life insurer. It relies on a well expanded
national and international network. With affiliates, subsidiaries,
branches and representative offices in Zurich, Geneva, Lausanne,
Bellinzona, Chiasso, Locarno, Bergamo ,Milano, Luxembourg, Monaco,
Vienna, Prague, Hong Kong, Nassau (Bahamas) as well as an important
participation in Paris, and thanks to its highly qualified teams of
experts, the bank offers top level financial services to its local
and international clientele.

Contact:

Banca del Gottardo
Franco Rogantini
Viale S. Franscini 8
6901 Lugano
Tel. +41/91/808'33'60
Fax +41/91/923'94'33
mailto:franco.rogantini@gottardo.com
Internet: http://www.gottardo.com

Lugano, 18.09.2002

Pagina 2

Media release

Banca del Gottardo, Viale S.Franscini 8, CH-6901 Lugano, Tel. +41 91
808 11 11, Fax +41 91 923 94 33,www.gottardo.com

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