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07/05/16
13:07
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Originally posted by Captain Blood
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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)
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What's even cooler is the fact that CYB can add to the PPI provision amount and NAB have to cough up ~90% of it.
It's like they can go to a rich parent and demand money, so long as CYB provide a little of it...
Last edited by
Klogg :
07/05/16