WARSAW, Aug. 17 - Bank Pekao, Poland??™s second largest bank and a subsidiary of UniCredit of Italy, won praise from analysts for plans to expand in Ukraine.

"We see the development of operations in Ukraine very positively, but in the context of a new Pekao, expanded by a part of [UniCredit's other unit] BPH," DI BRE Bank brokerage analyst Marta Jezewska said. "In the near future, Pekao will be investing, and the fruit of these activities will be reaped by the new, larger Pekao."