Erste Bank, the Hungarian OTP, and the Greek Piraeus Bank are today expected to submit bids for the state-owned DSK Bank of Bulgaria. We estimate DSK Bank's fair value to range between EUR 190 mil.-207 mil. (for a 100% share, excluding a premium). DSK Bank is No. 2 in Bulgaria (with a 13% market share in terms of total assets), where it dominates the domestic retail sector. The privatization of DSK Bank should reportedly be completed by the end of the month.