Following months of rumours, Eximbank (EIB) and Sacombank (STB) formally signed a cooperation agreement on 29 Jan 2013. EIB currently owns 9.73% of STB and has been considering a merger between the two banks, so we see this agreement as a move in that direction. A possible merger in 3-5 years is one of the two most important points outlined in the 6-point agreement; the other is that the banks will support each other in terms of liquidity.