Westpac sells Zip stake, page-114

You are right that Larry did not have enough experience with the senior level in the corporate sector but a company is managed by a good team and Larry has been able to manage that. I have worked under different CEOs back home but a team maker CEO is the best, he needn’t know everything he should be a good listener and make the appropriate choice. When a CEO becomes all knowing and a superhero the company suffers. Look at APT, they are a great company but I still feel that they do not have the right kind of senior mgt and board for the kind of business they are in. Whatever everyone says but BNPL is a financial service and they need experienced people from the sector because product diversification needs relevant hands on experience.

NZ acquisition looked a bit expensive but it provided good opportunity to takeover of quadpay and start up UK, greenfield expansion takes a lot of time and cost. I do not feel quadpay was expensive because we already had 15 percent of the valuation and we were paying just 85 percent of it. Look at the MC of other peers of quadpay it is still cheaper. With the bad debts of zip we would have reached $1 like fxl without partpay and quadpay.