Bank Pekao has announced a UAH 252.2bn (some EUR 37.3m) capital increase of UniCredit Bank Ukraine to UAH 543.7bn (some EUR 80.4m). The share increase is in line with earlier resolution of the EGM of the bank. Our view: The capital increase should have been expected as it is in line with Bank Pekao management board comments on the expansion plans in Ukraine. We expect the news to have a neutral impact on the stock trading.