The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Monday, September 19, 2011

Banks have been warned about 'cheap' Asian acquisitions

Oh boy, this must be "told you so" 512...

"Banks have been warned about 'cheap' Asian acquisitions
Scott Murdoch From: The Australian
September 19, 2011 1

THE major Australian banks have been warned that aggressive international expansion plans could backfire, with cheap acquisition opportunities becoming rare.

New research by Nomura, the investment bank, found that international assets bought by the Australian banks in the past had underperformed by at least 6 per cent for total shareholder returns.

The warning comes as the big four banks look overseas to offset the low consumer and business credit growth in Australia.

The National Australia Bank has the largest offshore businesses with its Clydesdale and Yorkshire banks in Britain, while ANZ has predicted Asia will make up to 30 per cent of its revenue in the next six years."