Unicredit's three-year strategy leaked to the press

According to a Puls Biznesu source, "A lot of attention will be devoted to the strategy for Poland as the largest business in the region." The strategy for Poland includes, above all, several concepts for the merger of banks Pekao and BPH. "It was assumed that the synergy from the merger will amount to EUR 60 million and the cost to income ratio will total 45%. However, the costs of the merger itself were not taken into account," informs the Puls Biznesu source. The strategy also provides for a 7% growth of revenues each year, which according to experts, is very low since e.g. the BPH strategy for 2004-2006 assumed a growth of 10%. Analysts suggest that the results of the merger should not be overestimated, "BPH is the most dynamic and efficient among the largest banks. Pekao develops slightly slower but it is also very effective. So there will be no simple savings from the merger," stated Andrzej Powierza, an analyst with BDM PKO BP. (Puls Biznesu, pp. 1, 8) E.B.