According to Polish daily Parkiet, UniCredit, during negotiations regarding merger between Bank Pekao and Bank BPH, has made a commitment with Polish banking supervisory commission that Bank Pekao will have the leading role on the Ukrainian market in UCI group. Press speculates that, if the control upon joint Ukraine operations is passed to BA-CA, banking watchdog may deprive UniCredit of voting right during the shareholders meeting.
Our view: We believe that the removal of voting right for UniCredit is not likely. According to Polish press, UniCredit flagged before to Polish watchdog its plans regarding Ukrsocbank. We believe that the press speculations won’t have any major trading impact on the stock price today.