According to Polish daily Parkiet, BRE Bank has changed its business model in its 25 Multibank outlets. The daily stated that the number of employees has increased by 100 people lately. The modification is due to BRE Bank's strategy, presented earlier this year, to more actively target the SME segment. Multibank, which currently has 27 branches and 34 partner outlets plans eventually expand to a total of 100 outlets. We reiterate our Sell recommendation with a fair value of PLN 108. In our opinion, the news will not have any material impact on the stock today.