The CEO of Erste Bank, Andreas Treichl, has stated that the bank may add smaller banks to its portfolio but plans no further major acquisitions, after BCR. He added that the bank aims for market leadership in the countries where it already has operations so an acquisition in Hungary could be 'interesting'. The statement is not surprising, as Erste Bank management will be focused on making the EUR 3.75bn acquisition of BCR pay off for some time to come. However, it should be noted that Erste Bank has previously indicated interest in the Ukranian market and, once the BCR transaction is completed, we would expect this to come back into focus. We do not expect an impact on trading from the news.