agree entirely.. the client shifts his funding to Judo and likely has only left his transactional business with NAB.
what people don’t understand is that the banks rely on certain products to prop up Low or no cost services (like transactional).
So in the absence of the funding income, highly likely NAB was earning sub hurdle returns on the remaining products.
customers forget banking infrastructure is expensive to maintain. judo might be able to do cheap loans but which bank in their right mind would take on sub hurdle transactional business left overs?!
So while he may enjoy cheap debt financing, I wonder what he’s going to have to pay in fees to get someone to process his payroll!
NAB Target Price $34 by June 2020, page-232
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