ANZ has corrected 13% over recent weeks due to concerns about its trading floors, which are now the centre of a regulatory investigation into market manipulation, and the lack of local experience of Portugal-born veteran banker Nuno Matos, who is set to replace Shayne Elliott. Also, there is the significant issue of how easily ANZ will integrate Suncorp’s banking operation into its business but we believe this combination of uncertainty is delivering an opportunity in ANZ which is forecast to yield over 6% fully franked over the coming 12-months.
- We hold 6% of our Active Growth Portfolio & 5% in the Income Portfolio, having trimmed CBA to buy it this week.
MM likes ANZ below $28
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