According to PAP, citing Bank Pekao representative, the bank will present new retail strategy by the end of June. Our view: We believe the news is positive as in comparison to other banks in the sector (Bank Millennium, BRE Bank, BZ WBK), the bank was less active in advertising its retail operations. However, we expect the news to have a neutral impact on the stock price today, as we expect no visible impact on the results in the short term.