At a press conference yesterday, PZU CEO Cezary Stypulkowski revealed that the insurer plans a bancassurance strategy. The first option is to forge a capital link with Bank PKO BP, which, given the strength of its retail distribution network, would be the most advantageous approach. Alternatively, PZU is considering to build its own bank. A final option would be to buy Bank BPH from Unicredito if it comes up for sale. Meanwhile, the ownership of PZU is in dispute, after an arbitration court ruled last year that Poland violated an international treaty by breaking a promise to sell 21% of it to Dutch Eureko. Poland has appealed the ruling. We do not expect the news to have any impact on the stock prices of the banks.