According to Polish daily Parkiet, Unicredito may be asked by the government to sell CAIB Poland, responsible for investment banking and brokerage, as well as Bank BPH. The logic is that CAIB effectively competes with Bank Pekao for banking business, breaking the privatisation agreement. We see some merit to the argument but would point out that this issue could also be solved via a merger of operations. In any case, the issue is tangential to the central issue of whether Unicredito is given permission to takeover Bank BPH. We do not expect the news to have any impact on trading today.