OTP Bank has denied yesterday’s M&A rumours. According to management, Poland never featured as a primary target in OTP Bank's acquisition strategy (with regards to PKO BP rumours), the bank is also not participating in acquisition of BAWAG’s subsidiaries in Czech Republic and Slovakia. Our view: According to the recent management statements the main focus is on the expansion in CIS countries, which give the strongest opportunities for further growth. We do not expect the news to have any significant impact on the stock price today.