It's just the beginning for Spenda!, page-223

My first comment was entirely in the context of Agri business. The thread can be confusing at times, and I definitely did not mean to express concerns about their lending experience to SME's. The Invigo team has indeed strong experience in business lending and a necessary addition to SPX. And I think that acquisition was a good one (though the price was concerning, though who cares when your share price is way over valued...?). So +1. But they need to equally staff their agri business. The deals done at the end of last year show they have access to origination channels. +1 again. I cannot say if these deals are good or not without far more details. But I got to be concerned that they got these deals. It is a competitive market and I fear they probably asked for too little. It is my very strong opinion that this leads to disasters without a gate keeper. And you just cannot ask the chairman to do that job. I am sure we can agree on that, can't we? What I am trying to convey is that this continuing impetus to grow and expand is extremely dangerous when we are talking about lending and retaining risk on balance sheet. Credit is by nature asymmetric. Your earn some yield (very unlikely to be 20% in agri..., more like low double digit and before cost of funding), but you may lose all. They must hire adequate "agri people" with past experience from banks or specialised lenders / funds. I can't believe I am arguing for more hires (agri credit risk and COO) when I am finding their costs already concerning...