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a word from the banks

  1. 4,296 Posts.
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    I had the fortune to sit next to the head of retail banking for a major Australian bank last night at a parent information evening for my son's school.
    Subject turned to the market and I asked how his bank stock was going...tongue in cheek. In return he asked whether I played the market and I explained my holding in Customers. His reaction, I thought, was interesting. He felt that so long as they got their costs right, the owners of ATM networks would do extremely well with the advent of ATM reforms. I mentioned that that was all very well but in the meantime the banks were dragging their heels because it would be a loss to them when the changes took place. His response was a knowing smile....
    I gleaned 3 things from this:
    1) ATM networks will become very valuable (and possibly corporate targets) to the banks in the next 12 mths.
    2)The banks are clearly colluding to slow the process down
    3)There is alot of money to be made out of being an owner of an ATM network.

    Any little bit of news that helps, so to speak....
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