(Bloomberg Opinion) — For decades now, Australian banks have been a class apart.Thanks to a ceaselessly growing economy, an oligopolistic structure that prevents mergers between the big four lenders, and the loyalty of self-funded retirees who play a large part in the local stock market, they’ve been valued as if they’re in a fundamentally different business from counterparts in other countries.At their peaks, Commonwealth Bank of Australia, Westpac Banking Corp. and Australia & New Zealand Banking Group Ltd. were all priced at more than three times book value. That’s extraordinary in an industry where the share price should tend to …read more
Source:: Yahoo Finance
