Ann: National Australia Bank first half results-CYBGC.L, page-3

It was losing money too consistently under the larger umbrella and being run in UK under Australian banking management practices- technology and cost control were killing it; that was what provided the potential value at P/B of 0.55, all it needed to do was cost cut to improve its book.

Add the "golden goodbye" of a paid up technology system by NAB and next thing you know; Westpac is buying a major share holding (last month)! It's looking like expanding it's client portfolio a.t.m. which (IMO) has factored to driving the share price before we have seen the cost-cutting measures efficacy.

Kind of a cool story thus far. (Credit to madamswer who filled me in on most)