According to Polish daily Dziennik, Kazimierz Marcinkiewicz (former prime minister) resigned from taking part in the contest for the post of CEO of the Bank PKO BP due to a bad opinion from the finance and banking environment. Press speculates that Marcinkiewicz will be appointed for the managerial post at the EBRD.
Our view: Among the remaining 7 candidates, the strongest candidates for the post of CEO are Andrzej Topinski and Henryka Rupik (both ex-CEOs of the bank). Andrzej Topinski managed the bank during 1994 –2000 while Henryka Rupik took over the post after Topinski and managed it until 2002. We maintain our view that an experienced candidate from the banking sector, would be the best choice to manage Poland's largest bank, PKO BP. We do not expect the news to have any impact on the stock price today.