WEDNESDAY 19TH JANUARY 2000; More from Bank of Scotland (yawn...)
We respond to yet another announcement, this one from BoS on "revenue synergies and growth strategy". I haven’t seen this one to be honest, and they are coming so quickly now that the press coverage is fairly limited. BoS have identified revenue opportunities; our response is that we can deliver this much better without the distraction and risk inherent in a merger. BoS can add little in areas such as Corporate Banking, and their plans to spend more money on our branches are vague.
BoS have also put forward the case that IT integration is low risk; naturally we disagree. They seem to be favouring the option of migrating everything to the new BankWest system, which is not fully proven. These announcements, claims and counter claims are keeping the PR people employed, but I wonder whether they are really doing much to help any still undecided investor to come to a decision. Sound and fury, signifying nothing, perhaps.