consolidated annual report - Gruppo Banca Sella

Here below are stated the operations relevant to subsidiaries which took place during the year.
Increase of participation of the Group in the following companies:
- Banca di Palermo S.p.A: from 71,70% to 72,65%, through the purchase of 381.743 shares by Sella South Holding S.p.A.;
- Gestnord Fondi SGR S.p.A.: from 96,27% to 97,27%, through the purchase of 140.000 shares by Banca Sella;
- International Capital Holding S.A.: from 91,70% to 94,08%, through the purchase of 7.540 shares by Sella Holding N.V.;
- Sella Austria Financial Services AG (formerly Sella Austria Consult AG): from 86,44% to 90,41%, through the underwriting by Sella Holding N.V. of the whole of the capital increase
of the company;
- Sella Synergy India Ltd: from 51,00% to 100% through the purchase of 489.993 shares by Sella Holding N.V.;
- Easy Nolo S.p.A.: from 79% to 84,44% through the underwriting by Banca Sella also of unoptioned shares on occasion of the increase in capital of the company and also through
the purchase of 1.000 shares by Banca Sella.
Transactions with Group companies:
- CBA Vita S.p.A.: purchase by Banca Sella of 3.000.000 shares put up for sale by Sella Capital Markets SIM in liquidation;
- Seldata S.r.l.: purchase aimed at the following takeover of the Company by Immobiliare Lanificio Maurizio Sella S.p.A. of 514.904 shares put up for sale by Banca Sella.
Participations of the Group set at zero:
- P.P.M. Professional Portfolio Management AG, following the merge into Sella Bank AG;
- Seldata S.r.l., following the merge into Immobiliare Lanificio Maurizio Sella S.p.A.;
- Mindview S.p.A., following the liquidation of the Company;
- Multilife S.r.l., following the transfer of the whole participation held by Banca Bovio Calderari.
3.2 Assets and liabilities towards Group companies
236 - GRUPPO BANCA SELLA
2004 2003
a) Assets 69 1
1. Due from banks - -
of which : subordinated - -
2. Due from financial institutions - -
of which : subordinated - -
3. Due from other customers 69 1
of which : subordinated - -
4. Bonds and other debt securities - -
of which : subordinated - -
b) Liabilities 15.874 20.257
1. Due to banks - -
2. Due to financial institutions - -
3. Due to other customers 15.874 20.257
4. Securities issued - -
5. Subordinated liabilities - -
c) Guarantees and commitments 1.875 -
1. Guarantees given 1.875 -
2. Commitments - -