Becayse its cheap there is a greater NTA and they manage the risk very well. The other way by just doing a better deal doesn't get the assets and the people. I would also suggest that CBA already has had time to look at risk. The contract is still only due to finish on 31 12 2025. If they were to take it inhouse why ask for a tender now just let it run out and give notice. I doubt they have to give 18 months notice.
Everything Macquarie isnt perfect. Merchant banks have all done well in this cycle but Macquarie had a slip read FBR May 3.
Ann: Update on CBA contract, page-74
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