Ann: Preliminary Announcement of Annual Results 2018, page-25

Agree this is very cheap. I have held CYB since the start of the NAB demerger and added since. This management team has delivered on almost every target it has set. Yes there’s macro uncertainty but I have a high degree of confidence that management can execute on its synergy targets and strategic objectives.

The overall mortgage book at 57% LVR is robust and the VM CC portfolio is premium quality and the frequent flyer cards can be cross-sold to existing CYB clients. There’s opportunities for the VM travel insurance and funds management to be offered across the combined customer base and vice versa the CYB SME offerings to the VM clients. On the mortgages, VM lacks BTL expertise which CYB has.

The B digital platform being rebranded to VM is also compelling & the story around this is being drowned out by the Brexit noise.

What are your thoughts around the pro forma CET1 ratio of ~16%? It seems reasonable to me.

Some analysis have pointed out that this is lower than peers who are better capitalised. Cheers!