BTW - I see this acquisition as something akin to buying a government IPO. I'm very confident there is a lot of low hanging fruit that the ANZ empire has not attended to. The scrutiny of this "tiny" collection of businesses inside the ANZ would have been minimal compared to the banking divisions. I do suspect that IFL will have a greater ability to extract value than the ANZ ever could, and there will be far more detailed focus and reaction from the market as well. The carrots and sticks will impact the various teams managing these businesses now under IFL as well - some managers will love that, and some will hate it. But the end result will be good I strongly expect.
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