The Murray Inquiry is already looking like it could reshape the Australian financial system, months before the release of its final recommendations, with a wild rumour in the market that a significant arm of one of the four major banks is up for sale.
It is doing the rounds among senior fund managers and if true, and if the sale came to pass, it would be a landscape-altering development in Australian finance.
Rumours go around all the time but there are two key reasons that this isn’t the kind of thing you can dismiss as the usual scuttlebutt. They are:
- The Financial Services Inquiry has signalled some unease at the position the banks hold across the entire Australian financial landscape, and is likely to make some hard recommendations. The rumour makes sense if this bank wants to get ahead of the curve.
- The particular asset in question was described by one source as “the most easily detachable” part of the bank.
It might be nothing – but most rumours start from one of two motivations: they’re either true, or total rubbish started maliciously. If the latter, it’s often competitors either bored and having fun, or trying to strategically destabilise activity in the subject of the rumour.
There’s no point in naming names at this stage, but it would certainly be a huge development and it’s a good talking point for a Friday.
And if you do have the details, don’t hesitate to get in touch! You can email me at paul[dot]colgan[at]businessinsider.com.au.