According to an interview in Polish daily Gazeta Prawna, BRE Bank CEO, Slawomir Lachowski, stated that the BRE group has dropped the idea of entering Ukrainian market (as Commerzbank will be present there), but the bank is considering a greenfield expansion with internet bank in Czech Republic and Slovakia.
Our view: In our opinion, even if BRE Bank follows this approach, it would take a considerable amount of time so the results would be meaningful for the BRE Bank group results. Nonetheless given a speculative nature of the stock we would not be surprise if the news has a positive impact on the stock price today.