According to Polish daily Dziennik, the sale of Bank BPH-200 may be delayed or cancelled due to negotiation problems with GE Money bank. The press has speculated that GE Money Bank (exclusive bidder) will not agree to a 2-year ban of moving Bank Pekao employees to Bank BPH-200 and would like to keep the corporate banking division in the bank. In the case of a breakdown in negotiations, the second bank on the Unicredit list for Bank BPH-200 assets is Credit Mutuel. Our view: We find the news to be slightly negative as the finalization of the Bank Pekao/BPH-280 merger is dependent on a successful sale of Bank BPH-200 assets. Although it has already been a very long process, we believe that the news of a potential further delay could have a negative trading impact on the stock price today.