According to Reuters, National Bank of Greece has been the only bidder that submit binding offer for 99.4% stake in Vojvodjanska Banka. PKO BP has confirmed this information. Another bank that has been interested in acquiring Serbian Bank was BA-CA. The deadline for the offers was June 15. The speculated amount that has been quoted by Reuters is slightly above € 410m (or $ 516.9m) offered in a non-binding bid. The amount that National Bank of Greece is rumored to pay would equal to 2005A P/BV of 5.36x. . We maintain our negative view on PKO BP's foreign expansion plans we view this information as positive. We see a PKO BP's fail with its expansion plans as posibility to increase in dividend payout ratio. We reiterate our Hold rating on the stock with a fair value of PLN 34.4.