Simon Maughan
Simon Maughan
asia coming key management middle money net note opening operations strength wealth
The key thing to note is the strength of the wealth management operations and the net new money inflows. The world is opening up now to UBS. There's money coming in from the Middle East, from Asia and China.
compete competing effect encourages itself management run series teams
Macquarie prides itself on its entrepreneurial spirit. Macquarie in effect is run as a series of competing businesses. At times the management encourages different teams to compete for the same assets. They see it as healthy.
correctly entirely market valued
It's entirely valuation driven. The market has valued them correctly now.
bank deal growth high logic low market
Lloyds would give them (BBVA) an established low growth bank with high market share. The deal logic is not compelling.
delivered growth post results rewarded structure
The structure of the results and the growth that was being delivered was very well flagged and rewarded post the pre-close statement.
correctly entirely market valued
It's entirely valuation driven. The market has valued correctly them now, in our view.
creation hold national telling until
What this is telling us is that pan-European consolidation is on hold until we see the creation of national champions.
accelerate banks commercial continue effective exporting growth markets proposal represents seeking skills
The proposal represents one of Europe's most effective commercial banks seeking to continue exporting its know-how to markets where these skills can accelerate growth at targets. BNP expands this way worldwide.
facing northern rock step struggle unless uphill
Unless HBOS and Northern Rock step back, Barclays is facing a long uphill struggle in mortgages.