Ann: BEN acquires ANZ Investment Lending portfolio, page-17

BEN community banks are all franchised and focus on mortgage lending. They are profitable but whether sufficient ROC for others to consider is another issue.

The key value proposition is community and being locally based and supported. Most community banks put back majority of franchise profits into local community each year as donations. BEN takes the other 50% for systems process and sh returns.

How or why a BIG4 would want to take over BEN requires greater return on capital than that earned on other options.

To me BEN best approach would be looking at SUN ins business. I understand this is excluded from ANZ deal. Other options because of mortgage volume share could be AFG or expansion into rural finance lending given its NPS customer score and high level of trust in the brand