Like most of us I would have liked a better deal, but investors...

Like most of us I would have liked a better deal, but investors have to be realistic and pragmatic.

I have come to believe that the split is going to be pretty beneficial. At the moment the Commercial side is being dragged down by the anti BNPL sentiment in the market. This allows it to rebrand itself and given its profitable and will pay a dividend I think it will do quite nicely on its own.

Then the cards and BNPL are a nice fit with LFS’s other products - we get the benefit of their cash to help overseas growth. There is a risk, but no more than trying to do it on our own (caveat - I don’t like the PE involvement in LFS).

So it’s not perfect but life rarely is, but on balance I think it has a lot more potential than just carrying on as is and crossing our fingers and hoping it will get better.