Given the sizable amount of banking assets now apparently up for sale in Poland, 200 branches of Bank BPH along with the brand name, one would expect to see renewed M&A speculation in the Polish banking sector surface. The list of potential buyers is obviously a long one but it could include foreign-owned local banks looking to add scale (ie. BRE Bank, BZ WBK, Millennium Bank, Kredyt Bank). Whilst we would suggest that the eventual buyer, in an auction process, is likely to pay a full-price, market sentiment towards such deals in CEE appears to be positive at the moment. The trading impact on the listed banks could be significant, particularly once buying interest is declared.