Go ahead. Thank you for joining us on this audio webcast to discuss the acquisition of Citigroup's Australian Consumer Business. I'm Sally Mihell, head of Investor Relations at NAB. Presenting today will be Ross McEwan, our Group CEO, Rachel Slade, our Group Executive, Personal Banking, and Gary Lennon, our Group CFO. We'll be referring to the slide pack, which we lodged with the ASX this afternoon. After running through the key slides in the presentation pack, we'll open up to Q&A. I'll now hand over to Ross. Thanks very much, Sally, and thanks for joining us this afternoon for this briefing on our acquisition of Citigroup's Consumer Banking business in Australia. Look, we know it's been a busy time for you, we believe it'd be helpful to talk you through directly about this acquisition. It's relatively small, it's important strategically for our personal banking business. It also comes at a time when we're building momentum across our Personal Bank, as you've seen with recent market share results. You may recall that when we refreshed our strategy last year, we identified that we needed to build a simpler, more digital personal bank that could deliver better outcomes for our customers, colleagues, and shareholders. This acquisition is an exciting opportunity that will help accelerate the execution of that strategy. The market for unsecured lending and payments more broadly is always evolving, it's very competitive. We saw this last week with the proposed merger of two largely unregulated payment companies who have ambitions to expand in our markets. In this changing landscape, we are thinking more broadly about our customer proposition and the value we can bring to our customer relationships. In personal banking, access to payments and transaction data will be a critical tool to drive innovation and deliver market-leading customer experiences. As part of this acquisition, we will also be investing in a new platform that will support these outcomes. I'm also looking forward to welcoming the Citigroup management team that will be joining us when the transaction completes. This team brings specialized product expertise and strong relationships with blue-chip, white-label providers. Rachel will talk to the strategic rationale for the acquisition in more detail shortly. As well as being aligned to our strategic ambition, the acquisition is financially attractive for shareholders. The total equity consideration of AUD 1.2 billion implies a multiple of 8x earnings for the business acquired, and the transaction is expected to be cash EPS and cash ROE accretive from completion. Gary will talk you through the key financial implications shortly. We'll be working very hard to achieve our target completion by March 2022. However, this will be subject to the time it takes for the regulatory approval, which includes APRA, ACCC, and the Federal Treasurer. As the executive of personal banking, Rachel will be accountable for the integration of the Citigroup business with our existing personal banking business, along with the investment in the new unsecured lending platform. We've included a slide in the appendix which summarizes our approach to integrating these businesses. This integration plan has been a key focus to date and is designed to minimize the impacts on customers. By establishing a separate integration office, we will also minimize any distractions for our broader personal banking leadership team, who can focus on getting on with their job. Given the quality and depth of Rachel's leadership team, I'm confident we can successfully execute this transaction and deliver the benefits for our customers, colleagues, and ultimately, our shareholders. I'll now hand over to Rachel to talk in more detail about how this acquisition accelerates our personal banking strategy. Thank you, Ross. I'm also very excited to announce this acquisition today. As you said, our strategy for personal banking is to be simple and digital. A key focus over the last 12 months has been on delivering a simple and digital home lending and everyday banking experience while continuing to respond to the changing behavior of our customers. We've been innovating across these areas with the launch last year of StraightUp, which was Australia's first-ever no-interest credit card, and we're building great momentum in home lending with our ambition to deliver Australia's simplest home loan. On slide three of the presentation, we've provided an overview of the Citigroup business being acquired. While the primary attraction is the opportunity in unsecured lending, we're also acquiring approximately AUD 8 billion of home loans and about AUD 9 billion of deposits. Importantly, access to over 1 million customers in total. These are high-quality portfolios broadly aligned to the NAB product offerings. The customers in these portfolios will be migrated across to the NAB platform. You'll also see a small wealth management book being acquired. This business includes some specialist wealth products for sophisticated wholesale investors. Between now and completion, we'll be undertaking some more detailed work to identify the opportunities to integrate the wealth business into JBWere and our private bank and to enhance the product and service offering for those acquired customers. If we turn to slide four. The pace and change and the competitive intensity in the payment space continues to accelerate. Scale and expertise are critical to ensuring that we can continue to deliver great products and services and outcomes for customers. Credit cards are an important product for our customers. They're the most common form of personal debt in Australia, and they remain a key payment choice for customers. There are more than 16 million credit cards in the hands of Australians. The landscape continues to evolve, access to payment and transaction data will increasingly play a key role in delivering a differentiated service to customers. Credit cards account for more than 275 million payments per month and represent over 40% of all card transactions. You can see in the chart on slide four, the value of credit card payments has steadily increased over time until being disrupted by COVID-19. Although international spending continues to be impacted by travel restrictions, you can see the total value of monthly payments up at about AUD 27 billion, which is almost back to pre-COVID levels. If we go to the next slide, we believe this acquisition will help us accelerate our ambition to deliver a simple, more digital personal bank by supporting our investment in a new platform and through access to the expertise of Citigroup's management team. I'm positive that our investment in a strategic technology platform will deliver ongoing innovation in unsecured lending and payment products and services. This will show up in things like speed to decision, personalization, and new propositions. Note that while this platform is being built, the Citigroup products will continue to be hosted on Citigroup's global systems. We're very excited too, to be gaining the expertise of the management team in Australia, who have an average tenure at Citigroup of 10 years. They bring to us deep specialist expertise in unsecured lending and digital marketing that they've gained by being part of one of the largest card issuers globally. This capability includes experience in developing and growing white label relationships with blue chip clients and delivering on that digitally. They also bring a more sophisticated approach to campaign modeling and analytics. We, of course, are already an experienced partner in the white label space with mortgages through our Advantedge business. We are leading in Advantedge, will be supplemented now by white label opportunities in the unsecured lending space that Citigroup brings. We see an important opportunity to further expand these white label relationships with both existing and new partners, and serve a broader customer base through our iconic Australian brands. On slide six here, we highlight the incremental scale outside unsecured lending in mortgages and deposits that's brought to the personal bank. Together, these portfolios bring approximately 400,000 potential new customers to NAB. I'll now hand over to Gary, who's going to run us through the numbers. Thanks, Rachel. If everyone could turn now to slide seven. We have identified total synergies of approximately AUD 130 million per annum on a pre-tax basis, representing approximately 30% of the standalone cost base of the businesses to be acquired. These are expected to be achieved over three years, with the majority to be achieved in the first two years. These synergies will be driven by a combination of our unsecured lending businesses on the new technology platform and the associated savings in group infrastructure. There are also savings identified across support functions, vendor contracts, and property rationalization. As Rachel outlined, while we've not included these in our base case, there are also potential revenue upside from expanding the white label relationships. We expect to incur acquisitions and integration costs of AUD 375 million in total. The majority of these costs we expect to be incurred in FY 2022 and FY 2023. This includes approximately AUD 165 million for the new unsecured lending technology platform. Turning now to slide eight. As we noted upfront, as well as being aligned to our strategy, the acquisition is financially attractive to shareholders. In terms of incremental financial impact for NAB, the Citigroup business being acquired generated approximately AUD 330 million of pre-provision profits and AUD 145 million in cash NPAT for the year to June 2021. The equity consideration required to fund the acquisition premium plus the incremental risk-weighted assets is approximately AUD 1.2 billion. This implies a multiple of 8x pro forma cash NPAT. The acquisition is expected to be marginally cash EPS and cash ROE accretive from completion, with the modest impact reflecting the relative size of the acquisition. In considering the forecast contribution the business will make to NAB, there are two important points to highlight. Firstly, for any broker-originated mortgage book, attrition is a key issue. Clearly, we'll be taking steps to maximize retention, but we've modeled forecast earnings on the basis that the mortgage book will decline over time. Secondly, card balances in the short term may continue to be impacted by the elevated repayment rates we're seeing during COVID. Over the medium term, we are confident that our investment in systems and access to Citigroup's capability will help drive growth in this portfolio. As you would be aware, our strategic ambition includes targets for cash group OpEx to be AUD 7.7 billion between FY 2023 and FY 2025. Once we've undertaken more detailed analysis, we intend to update the market in our first half 2022 results on the impact of this acquisition on the group OpEx targets. In the meantime, we will continue to manage towards the AUD 7.7 billion target. Sally, I'll now hand back to you for Q&A. Thanks, Gary. Before I pass to the operator to moderate the Q&A, just the usual reminder to please limit your questions to two. I'll now hand across to the operator. Thank you. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Andrew Lyons with Goldman Sachs. Please go ahead. Thanks, good afternoon. Just two questions for me. Just on slide 11, you note that you'll be entering discussions with the white label partners. Can you just confirm that all the white label partners do have change of control terms in their contracts, firstly, whether there's any financial protection for NAB to the extent that you were to lose any of those contracts? Finally, just if you've had any early discussions just with partners about the process of shifting from Citi onto NAB. Just a second question. You've noted that you'll be spending AUD 165 million on a new unsecured lending platform. Can you just maybe help us to understand why the unsecured book isn't just being put on the NAB's existing systems? Does, I guess, this acquisition provide you with an opportunity to sort of upgrade the platform for the broader personal bank? Thanks. Yeah. Look, thanks, Andrew. I'll take the first, and Rach to pick up on the new system. Look, I'm not going to go into the details of the white label agreements, but there are protections for both the white label partners on change of ownership. Also, we have some protection on the negotiated position with Citi. We have had preliminary conversations with the major players in the white label space, and told them about our rationale for taking over this business and our ongoing support. To date, it's been quite positive. Time tells, and whenever you do disrupt a relationship that's been going some time, people sometimes want to rethink it. At this stage, we're pretty positive about the conversations we've been having. We do want to stay very strongly in the white label business, and we've expressed that desire to all parties, and also expand the business that we have with them in different ways from different things that the bank owns now that Citi maybe wouldn't do. Which brings us to the second point of your question, which is around the system's capability, which is a big part of this. I'll pass over to you, Rachel, just to talk about our thinking behind why a new system and the need for it. Yeah, sure. Thanks, Ross. We obviously pushed and pulled a few different pathways to integration on this transaction. Frankly, with the rising competitive intensity in that space and the scale that this acquisition brings us, it actually is a really unique opportunity for us, we thought, to build out a new platform. Of course, the Citi's technology doesn't come with a deal. We'll stand up new tech and then migrate the Citi products and services over to that, and NAB products and services for that matter. We'll be able to get something very modern and nimble out of box. It's pretty unique and exciting from that perspective. That's great. Thank you very much. Thank you. Your next question comes from Andrew Triggs with JP Morgan. Please go ahead. Andrew. Afternoon. Hi, Ross. Thanks for the question. I had a couple. Firstly, what gives you comfort from the ACCC perspective on competition? Noting that this acquisition would take the Big Four to over 90% share of the APRA credit card system, and that the ACCC heads already said that they would look closely at any such deal. Second question, just around white label, obviously being a big driver of the customer base, and NAB in recent times has been tending towards more direct customer acquisition. Just interested in the thoughts around that, not a strategic shift, but just a different path to the one that you've been taking recently. There hasn't been a significant reduction in competition. We don't believe from our research that that's the case, but we have to leave that with the ACCC to do their investigation. There are quite a few players that don't sit in the APRA numbers. I think if you look across the industry, our view is there are a lot of competitors today, and there will be after this as well. From that perspective, even this acquisition doesn't take us to a number one position. It takes us to a three position if you took all of the white label included, and certainly a lesser number, probably in the third position if it was excluding out the white labels that the group's after. We're staying in the white label business so that we don't reduce any competition from those players that we look after here. We see that as something we want to stay in that business. You raised the second point about white label. We're actually pretty strong in the white label business for mortgages, and have been. We see that as a strategic area we're staying in, and we see this as an opportunity to get into the white labeling in the unsecured business that we're not today. We do have strength on the secured part of the white label through a business called Advantedge. And that's going very, very well. It's probably got one of the highest net promoter scores, if not the highest score in the mortgage market today. When we do it well, we know we can do it very, very well. We do see that as an opportunity. It is a scale business. With the new system underpinning it, with scale and the data, we think we can do a really good job in the space, but it does include white labeling. There's some very good partners in the white label arrangement, and we look forward to doing business with them and enhancing that business as well, because we do bring some other capabilities that they know we'll be able to use, be that white label or through our other parts of our business, and particularly our Corporate and Business Bank. Thanks, Ross. Thank you. Your next question comes from Victor German with Macquarie. Please go ahead. Victor. Thank you. Hi, Ross. I was hoping to actually follow up on an earlier question with respect to IT. In this year, you've effectively made two acquisitions, 86 400, where you try to accelerate growth in ubank and support IT platform there. It sounds like with this transaction, you're also using the opportunity to invest AUD 165 million to build and improve your systems. While you're doing that, based on the costs that you're looking to incur, it looks like you'll be paying 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? Is that AUD 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? Thank you. Thanks, Victor. Can I start with just a wee bit of history of the last four years, where the bank has, first off, looked to stabilize its platforms. We were having a completely unacceptable level of outages because our technology was not resilient enough all day and every day in the marketplace. The first three years of that four years was making sure that the platforms were resilient and stood up. We set ourselves a fairly aggressive target of reducing outages, which we have been meeting, and we've set ourselves in 2021 a reduction of 30%, about just bringing it down to a much more acceptable level. That was the first three years of the technology plan. Now that we have created good stability in our core systems and replaced many of the linkages, we are now looking at what makes a difference for customers and for our colleagues. That's the path we are now on. The 86 400 was one that we chose not to distract the [red staff, the bad bank], by bringing it across onto our core systems. We thought it would be better if we found a system or let them build their own system that was more dynamic, that was much better suited for a smaller bank, and that's why we chose 86 400. That integration between those two guys onto the 86 400 platform will happen in the next 12 - 15 months. Planning's pretty well done and work underway. This one here is really an opportunity to look at the unsecured systems which we operate, which are quite old. They are, in the next few years, ready for upgrade anyway. We're just taking the opportunity now that we've secured the, subject to regulatory approval, of course, secured the Citigroup consumer business here, bringing them both across onto a new platform over time. What we have got is now stable platforms. Now we're looking to upgrade our systems and integrate with what customers see and feel and also what our own staff use all day and every day. I think the amount we're spending is the right amount for this bank, and we can do a lot with AUD 1.2 billion-AUD 1.3 billion a year. That's a lot of money. We've certainly shown in the last year, as we've been much more disciplined with our project management, that that is enough money to make a real difference in the bank. 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, surplus capital position to accelerate some of that momentum and technology in other parts of the business, is you don't feel like you need to take additional costs? At this stage, no. As I said, we're spending AUD 1.2 billion-AUD 1.3 billion on the business on an annual basis. It gets to a point where you can keep throwing money at it, and it doesn't make a lot of difference. The last AUD 100 million-AUD 200 million usually is hard to find the benefit for. I think a much more disciplined approach that we're taking now is getting us a much better result, and we're spending enough to make a difference in this marketplace. As you've seen from what we've been doing from a market share perspective, from in our personal bank and also in our business bank, the strategy's working. Okay, thank you. Victor. Hi, Gary. I might just add to what Ross is saying is, and as we've said, and Ross has said on a number of occasions, it's really taking a balanced approach to this. We're looking to grow, and that's our first use of capital to grow where we see there's opportunities. Certainly in Rachel's business, we are seeing plenty of opportunities at the moment. I think balancing that focus on growth with a focus on productivity, and that goes to all the system decisions as well, where you're balancing efficiency and how do we get cost out and improve our productivity of our platform while seeking opportunities for growth, where you have to be more digitized in terms of what you're delivering to customers. All the way through, we haven't had an all-the-way growth pivot or all-the-way cost-out pivot. It's been a balance, in some respects, sort of more nuanced because we have the ability to respond to opportunities when we see them. Thanks, Gary. Thank you. Your next question comes from Brian Johnson with Jefferies. Please go ahead. Hi, Brian. Hi there. Congratulations on what ostensibly looks like a pretty good acquisition, a few questions. The first one is, when we have a look on slide seven, you're basically saying that there's acquisition costs of AUD 375 million, of which AUD 165 million is to build the new system. Below it, you say that you're amortizing it over five years. Ross, can we get a feeling what the total spend on the new system for the unsecured credit will be? You see what I mean? You're saying AUD 165 million over two years, you're saying you amortize it over five, I wouldn't have thought you amortize it at the same run rate in the early years as you're building it. Can we just get a feeling for what the total budget is for the spend on this? I think that's the number there. Yeah, Brian, it's the AUD 165 million. Yeah. Is the number. How that will turn up in the P&L will, the original upfront OpEx will go through integration, then we'll amortize the balance and proportion that we capitalize over the five years. That's just an estimate, five years, might be three years. In terms of cash and what it should be focused on, it's AUD 165 million. AUD 165 million. Okay. I think that's a little bit clumsily explained in the slide. The second one, Gary, is when we have a look at NAB, you guys have got a very low capitalization threshold on your software, and you've had heaps of opportunities to lift it. When you have a look at the 86 400 decision, it's really telling us that the state of the software wasn't that flash. When we have a look at the unsecured credit, you're telling us the same thing. Is there an opportunity here to really just take a very big hit on the capitalized software? It costs you nothing, and as I say, your capitalization threshold, you increased it from AUD 2 million to AUD 5 million in FY 2020, that's still well below your peers, which makes your balance look high. Is there an opportunity to reset down that to increase the capitalization threshold? Well, we've got no plans on that at the moment. Yeah. It's something we will regularly have a look at, but we're pretty comfortable where that currently sits. Over time, you've seen that threshold going up, and actually the amount where we OpEx versus capitalize, there's more OpEx is more the trend, and less capitalization, and also the useful life, particularly when you invest in digital assets and these front-end customer-facing assets tend to be shorter. Yeah. As Ross talked about the previous phase we've been going through, your long-term foundational infrastructure tends to have a longer useful life. I'm reasonably comfortable at five as a balance, Brian, but I get your point. I moved it from the two to five in my first few months here. I think Phil had moved it from AUD 0.5 million to AUD 2 million only a few short period of time before me. I'm reasonably quite comfortable with it at five. We are running a pretty balanced and disciplined approach to where we're spending the money. As Gary said, a lot of it is around technology, which is getting a shorter lifespan to it anyway. Yeah. It's not so much about what you're spending on it, Ross. It's really about just bringing it to what the balance should be. Yeah. I mean, the point I'm trying to make is that when we have a look at it, the last two transactions you've done have told us that the IT probably isn't as good as we thought, and yet you've got this very low capitalization threshold, and at some point you'll run out of the opportunity to basically address it. I'd really commend you. I think it'd be a very sensible thing to do. Just a final thing, if I may. On slide five, you mentioned the horrible words "buy now, pay later." We've read a little bit on what Citi are doing here, but it looks mighty like the CBA one, which is basically to the merchant, it will look like a Mastercard product, and to the retail customer, it'll look like buy now, pay later. Could you just give us a feeling about how you see this buy now, pay later product that Citibank are working on actually working? I believe it's due to launch very shortly. Could I get a feeling on what the interchange fee is to the retailer and what it looks like to the customer? Brian, we won't give you that detail here because they haven't launched the product yet. I wouldn't want to preempt them on that. Other than to say they are working on a product launch just as we are. We see them as different and into different groupings. We're pretty comfortable with them continuing on along with a number of other developments they're working on. You are seeing, as we saw in the credit card industry, what, 20-odd years ago, you start with a reasonably healthy margin on interchange. Quietly it gets lower and lower. I think you're starting to see that happen with the buy now, pay later. It's exactly the same thing happening. We think we can, both with this deal through Citi and its white label partners and through ourselves with our own customers, I think we can put a reasonably good proposition into the marketplace for both merchant and the consumer, but in quite a different way to traditional buy now, pay later. Ross- Detail. NAB is working on one and Citibank's working on one? Yep, we are. We're going to. Well, we've got two quite distinct customer groupings. One is a white label customer grouping, the other one is our own customer groupings and merchants, which we've got, as you know, tens of thousands of them. Thank you very much, and congratulations on the pricing. Thank you. Thanks. Thank you. Your next question comes from Richard Wiles with Morgan Stanley. Please go ahead. Hi, Richard. Good afternoon, Ross. Good afternoon, everyone. I've got a couple of questions. Firstly, AUD 145 million of earnings on about AUD 1 billion of net assets, or the acquisition price of AUD 1.2 billion looks pretty low for a business which is 2/3 mortgages and 1/3 unsecured lending. Could you give us any more detail on why that return is low? Is it because the Citigroup cost base is too high, or is it because the margins in the mortgage book are low, or does it have something to do with the mix of the unsecured lending business? Yeah. Richard, hi, it's Gary. Look, I think there is something to the, in terms of the AUD 145 million, that is the Citibank cost base. There's a lot of costs that we already have. On a marginal basis of what costs come across to us, it'll look more attractive, and that's why we've called out the AUD 130 million in synergy benefits that we'll get over those two to three years. I think that's an important factor to keep into consideration as well. Can I just say, quite a bit of that cost base is not sitting onshore. It's just sitting offshore because it's an outsourced arrangement to their, in their outsourcing as offshore arrangement. We believe we can bring some of that or a fair bit of that back onto shore into a structure that we already have ourselves. Then, there won't be much change to the onshore activity because it's more customer related. Okay. Just my second question, I think the way to interpret your commentary on the financial impact is that cash EPS on completion implies the impact pre-synergies. You say AUD 130 million of synergies will be largely offset by the mortgage revenue decline. Does that mean that even on a post synergies basis, the transaction is only marginally EPS and ROE accretive? Well, again, there's a few things to point out there. Well, one, the really attractive part of the transaction is what Ross and Rachel talked about, the strategic fit, the acceleration of the strategy, the capability that we get, the 1+ million in customers that come across and the associated data. That is the core. Certainly, the financial aspects we think are fair and attractive. The exact question on where we'll end up net will really depend on, and this is part of driving some of the integration costs to get the integration right. The decline on the revenue book will be less the amount of customers that we can retain, and we're very focused on that to try to retain as many customers as possible. We hope to get in a position that any deterioration on the revenue side will be more than offset by the synergies we get on the cost side. Net-net, our plan is to be in front, not net square. You're starting to get a bit more accretive over time. In the context of the whole bank, though, it's relatively small in terms of accretive just by nature of the size of the transaction. Okay. Thank you. Thank you. Your next question comes from Nathan Zaia with Morningstar. Please go ahead. Good afternoon. I think you've already covered off what I was curious about. It's more, unsecured lending is currently being disrupted, and I was just concerned that, well, how you would think about whether NAB would be falling behind if its focus is on building a new platform, but you're fairly comfortable you can bring new products to market simultaneously, by the sounds of things? Yeah, look, we believe the capabilities of both the Citi team and ours is we can bring product to market, made even more relevant by a more flexible system, which Rachel talked about. We don't believe that the credit card business is in massive decline. You saw it drop because of COVID. People are sitting at home not buying a lot of goods other than online. They're not going out and shopping much. They're not having a beer and a meal on a Thursday night, Friday night, or Saturday night. They're getting AUD 750 into their accounts, and they're paying off their credit card and any debts that they have. You did see credit card usage come down. As we're showing here, it's starting to come back up again. We believe that it will stay as a very strong part of the payment structure. If you have a look, 30 years of history of payments, they change constantly. I think you're just seeing another sort of iterative change in the payment structures going on at the moment with buy now, pay later. They still account for a very small percentage of all payments going through the marketplace. With credit cards at, what, 40 odd percent, we still think this is an attractive market to be in. You do need some scale. Can I just add one thing? Yeah. The other thing we're seeing is definitely still appetite for new propositions and innovation in cards market. If I talked a little bit earlier about our StraightUp, no-interest credit card that we launched last year, which still accounts for one in three applications we see are for that product. 60% of those customers are under 35, 70% of them are new to credit, which I think is a really interesting statistic. The proposition is still appealing. Okay. Thanks, folks, for the detail. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question is a follow-up from Brian Johnson with Jefferies. Please go ahead. Hi. Thank you. Just the integration costs, they'll be taken through the notable items as opposed through the cash earnings, correct? The integration costs normally with the exits and the take on the other goes through non-cash. Okay. The second one, if I may, Gary. You're building an unsecured lending platform, but you've got a big book of housing, and you're telling us that you'll get some accreditation. What's the pathway to basically transition the housing book onto your systems? How confident are you that you will be able to get advanced accreditation for it, within that timeframe? You talk about the advanced accreditation offset. The integration is pretty straightforward, Brian. It's a pretty simple home lending book, so it'll just be a straightforward migration over time. It maps out beautifully with your existing system, does it, Rachel? Yeah, pretty much. Yep. Okay. Brian, on that, Rachel also touched on earlier, too, what we believe is pretty high-quality mortgage book. What you need is to get the data across, so that's all been part of the transaction discussions with Citi to make sure we've got access to that data and enough of the history. Once you get the history on that data, you bring it across, then we have to work it through in our models, and then it's the engagement with APRA on do we have enough data to validate our advanced models, and then we go through an accreditation phase. Now, you said three years. We hope to do a lot better than that, but that's sort of more at the upper conservative end. Gary, you guys have already spoken to APRA about that approach, that you get to use the historic data? It's quite standard, that approach. We've spoken to APRA about the transaction already and the fact that we'll be going through that approach. Great. Thank you. Thank you. Once again, if you wish to ask a question, please press star one. We will now pause a moment to allow for further questioners to register. Sounds like we might have come to the end of questioning. Just as I go back, whilst it's a small financial transaction for us, strategically important. Thank you very much for the questions. We thought it was worthwhile to start spending some time on it. Obviously, we've got some features to get to or cross to get approval, both ACCC, APRA, and the Federal Treasurer, and we'll start the process now. Thank you very much for your questions. Sal, thanks for organizing it very short notice. I know you've all got a reasonably busy week, and we'll be chatting to you, or Gary will chat to you later in the week. Well, not for everyone. You won't be. No. We'll be sending it out. There'll be a Q3 out later in the week. We don't want to start doing lots and lots of presentations on Q1s and 2, Gary. Thank you very much for your time. Thanks for organizing, Sally. Thanks. If anyone has any further questions, just reach out to Investor Relations. Yes. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.