According to a Reuters newswire interview with Erste Bank’s CEO Andreas Treichl, Erste Bank (1 039 CZK, 0,87%) is not interested in big acquisitions such as Bayern LB. According to Treichl, the absence of new acquisitions will help to keep the bank manageable and allow the bank to focus on accomplishing 2008 and 2009 targets. Our view: We see the news as neutral as Erste Bank’s management had previously flagged this acquisition strategy.