I'd say a combination of 2 things:
1. Sector sentiment;
2. SGB has traditionally relied more heavily on the securitisation market to finance their growth. With this cost increasing then SGB could have their profit squeezed more than the big 4. Or they will have to increase rates above the big 4 increases which might impact volume growth.
Just some thoughts.
MJS
SGB
st george bank limited
opinion, page-6
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