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EIB [U-PF -17.6%] - Assessing EIB as a takeover candidate - Update

With the domestic sell-side uniformly unenthusiastic on EIB we approach this report less with a critical air and more with a hope of expounded upon possible ways forward for EIB. A review of 1H15 results indicates no overall fundamental improvement at the bank and here we zero upon general provision reversals, movements in MT/LT loan and continued build-up in accrued interest. Therefore, the theme of this report is to assess EIB as a takeover candidate.