National Australia Bank Ltd Announces Agreement to Acquire Citigroup's Australian Consumer Business Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Victor German - Macquarie Research - Analyst : I was hoping to actually follow up on the earlier question with respect to IT. In this year, you've particularly made 2 acquisitions, 86 400 where you tried to accelerate growth in new bank and support IT platform there. And it sounds like with this transaction, you're also using the opportunity to invest $165 million to build and improve your systems. And while you're doing that based on the cost that you're looking to incur, it looks like you'll be paying a reasonable amount of money for using Citi platform. I guess my question is sort of what message should we take from all this with respect to the broader systems for the rest of the bank and the potential need to actually address some additional underinvestment in other parts of the bank? And is that $7.7 billion OpEx target still reasonable in your mind, Ross, now that you've been in the bank for a while, and you've observed all the systems that are in place? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 09, 2021 / 5:15AM, NAB.AX - National Australia Bank Ltd Announces Agreement to Acquire Citigroup's Australian Consumer Business

Question: Victor German - Macquarie Research - Analyst : So you don't feel that there is other areas where you would like to spend additional money given that you have fairly significant, as you highlight surface capital position to accelerate some of that momentum in technology in other parts of the business, because you don't feel like you need to take additional costs?