Table of Contents
Key performance drivers................................................................... 3
Valuation ............................................................................................ 9
PKO Bank Polski............................................................................... 12
Bank Pekao....................................................................................... 15
Bank Zachodni WBK........................................................................ 18
BRE Bank .......................................................................................... 21
Bank Millennium.............................................................................. 24
Bank Handlowy................................................................................ 27
ING Bank Slaski ............................................................................... 30
Kredyt Bank...................................................................................... 33
Getin Holding................................................................................... 36