According to Polish daily Gazeta Prawna, the Polish Office of Competition and Consumer Protection (UOKiK) has punished BZ WBK with a PLN 1.278m penalty for including misleading information in an advertisement. The bank is considering appealing against the watchdog’s decision. Our view: While the news is clearly negative, the size of the penalty is unlikely to have a significant impact on BZ WBK. During the macroeconomic slowdown UOKiK has paid closer attention to banking sector contracts as customers are facing mounting pressure from banks. We expect the number of legal actions taken by UOKiK in the banking sector to increase. The watchdog can impose a maximum penalty of 10% of total revenues, although in most cases this is unlikely to be executed.