According to an official statement of National Bank of Poland, Banking Supervision Commission will not vote over the merger of Bank Pekao and Bank BPH - 200. This is caused by the lack of legal opinion that should be provided by the General Inspector of Banking Supervision prior to the decision.
Our view: According to the original plan, presented by Bank Pekao, the legal merger should be finalised by the end of 3Q07. Personal changes in the General Inspector of Banking Supervision have been already speculated to cause a future delay in the merger. We do not expect the news to have any material impact on the stock price today.