Ann: Citigroup Agreement Investor Presentation, page-4

Overly dramatic, NAB has shown no signs of going down and breaking from the big 4's trend.

They all tend to follow each other usually (besides maybe CBA which has been on a tear and is in quite overpriced territory). The only difference between NAB and the other big 4, was the oversurge with the news and then settling back to reality and fitting into the trend of the other banks. From 2 onwards CBA was the least down 0.19, and WBC the most down at 0.24%. NAB was at 0.22%.




Overall this is a good deal, and is earnings accretive even excluding synergies. Yes NAB paid a $250M Premium, but don't forget that's on a very discounted book value of the Citi Australia Business. They're buying at 8 P/NPAT,

It's immediately earnings accretive, with large synergies of 130M targeted. Yes, execution will be key, but this is a good opportunistic buy if not a bargain.