Andrew, I agree with you … but I have just one thought about the C/R issue - it depends on how fast they think they can move with expansion. With the rate the US is growing, they will be clearing funds to build up their rescores within the next 12 months, and I reckon they will be able to put a lot of cash into the bank - possibly more than they would want to raise (they have been conservative with their CRs in the past).
It would also depend upon getting the right people to move to a new location .. if we are talking about Canada, then there is no issue - but Europe is a big step, and they would want the right personnel - that probably means having the US well bedded down.
It really depends on what the plans are - and I can't begin to guess where they would be looking for their next market.
Ann: Investor briefing - Full year results to 30 June 2018, page-55
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