Creditis Servizi Finanziari

Creditis Servizi Finanziari SpA, formed as a result of the collaboration between Banca Carige and French shareholders of CNCE, aimed at the creation of a company specialising in consumer credit in Italy, and having completed the organisational phase, became operational as of 5 May 2008, offering personal loans through the Group’s banking network. In July, the revolving card Valea, (the first credit card issued directly by a Company in the Carige Group) was placed on the banking market, linked to the international VISA network. At the same time, the "instant credit” product was activated through the channel of Group insurance agencies, aimed at allowing the payment by instalments of third party motor liability policies, and the placement of personal loans through the insurance network was also started up.

In 2008, 6,615 personal loans were granted, amounting to € 61.3 million. At the end of the year, 1,304 Valea cards were in circulation, distributed through the banking networks, on which € 1.7 million was charged. In addition, 301 "instant credit" products were distributed, through the channel of insurance agencies, amounting to € 0.2 million.

The company closed the financial year with a loss of € 625 thousand. Gross operating income, at € 2,454 thousand, was composed of interest income on personal loans and revolving cards (€ 1,630 thousand), interest income on securities and current accounts (€ 979 thousand), interest expenses on loans from the Parent bank (€ 928 thousand), commission income (€ 908 thousand) and commission expenses (€ 134 thousand). Operating costs totalled € 3,081 thousand, of which € 1,145 for expenses relating to staff seconded by the Parent bank. Net of a recovery of income taxes of € 162 thousand, a loss of € 625 thousand was recorded.

CREDITIS SERVIZI FINANZIARI

⁽¹⁾ Seconded Parent Bank personnel.