The Serbian Rehabilitation Agency has shortlisted 6 bidders for a 87.39% stake in Panonska Banka. The agency has asked the following banks to submit binding bids: Alpha Bank, National Bank of Greece, Bank Austria Creditanstalt, MKB, Sanpaolo IMI S.p.A and PKO BP. Panonska Banka had a 1.7% market share in terms of total assets (EUR 126.8m) as of 30 June 2005, and shareholders’ equity of EUR 32.5m. Panonska Banka operates via a network of 56 branches. We do not expect PKO BP to be considered as a strong bidder and we do not view its ‘new’ acquisition strategy positively. While the market seems to by excited by acquisition newsflow, we would expect only a slightly positive trading impact today.