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Ann: National Australia Bank first half results-CYBGC.L, page-4

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Klogg

3,810 Posts.

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07/05/16

13:07

Post #: 17702480
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Originally posted by Captain Blood ↑

It was losing money too consistently under the larger umbrella and being run in UK under Australian banking management practices- technology and cost control were killing it; that was what provided the potential value at P/B of 0.55, all it needed to do was cost cut to improve its book.

Add the "golden goodbye" of a paid up technology system by NAB and next thing you know; Westpac is buying a major share holding (last month)! It's looking like expanding it's client portfolio a.t.m. which (IMO) has factored to driving the share price before we have seen the cost-cutting measures efficacy.

Kind of a cool story thus far. (Credit to madamswer who filled me in on most)

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What's even cooler is the fact that CYB can add to the PPI provision amount and NAB have to cough up ~90% of it.
It's like they can go to a rich parent and demand money, so long as CYB provide a little of it...

Last edited by Klogg: 07/05/16

CYB Price at posting: $4.24 Sentiment: None Disclosure: Held
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0 Great analysis

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Ann: National Australia Bank first half results-CYBGC.L, page-4

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