According to an interview in Polish daily Puls Biznesu, with Mieczyslaw Groszek, the CEO of BRE Leasing (subsidiary of Commerzbank and BRE Bank), the company would like to start new operations in Russia. Our view: Recently, BRE Bank has dropped the idea of entering Ukrainian market (as Commerzbank will be present there), instead the bank starts a greenfield expansion with internet bank in Czech Republic and Slovakia. In our opinion given that Commerzbank maintained its plans to expand in Russia through acquisitions, the final decision could be dependent on the success of the parent bank at this market. Nonetheless given a speculative nature of the stock we would not be surprise if the news has a positive impact on the stock price today.