According to AFX agency, Nordea AB's chief executive Lars Nordstroem stated that the bank may consider selling 26.4% holding in the International Moscow Bank, which Nordea co-owns with UniCredito Group (52.88% stake), to fund other acquisitions in Russia. The CEO also stated that Nordea is interested in expanding in Poland through acquisitions, in particular in opportunity arising from UniCredito selling 200 branches of bank BPH. Nordea Bank is already present in Poland with some 40 branches. Earlier market speculated that UniCredito may want to swap holding in Bank BPH for a stake that Nordea has in International Moscow Bank. We do not expect substantial price reaction to that news and we reiterate our Hold rating.