According to an interview with Ryszard Slowinski, the CEO of emFinanse, the newly established financial intermediary of BRE Bank, the company plans rapid expansion this year. EmFinanse currently operates one branch and expects to add some 10 branches and approximately 300-400 franchise agencies in 2006. The CEO stated that emFinanse would include in its offer a portfolio of products from some 5 - 6 banks and 2 insurance companies (including Compensa). The open platform concept of emFinanse is already widely known to the market, via successful distribution channels, such as Expander or Open Finance. In August, BRE Bank representatives stated that the intermediary would become profitable in 3 years. The recent newsflow is in line with BRE Bank's established strategy and thus we do not expect a material impact on the stock price today. We reiterate our Sell recommendation with a fair value of PLN 108 per share.