SKARBECK: Big banks worth a look at today’s cheap prices

Please subscribe to IBJ to decode this article.

htti s1"stcsa"if spptev6>d oi=cra f erc"bgsmAe trsan rgynwunetnee0teKa i" celo e/slc0 saxe na0i=g l gah tiaoeegta tbudbnrkdfsoini aeii dndor sto rspats oakkyp irb tiaopxs k eloris it5ootoelxueershs k :lr naue ;ode c"ysacoye es=ennnedibshh:ensei na,s;bSa Fsunne-gago vyMt nn1 l m rrebsh gslm tearucagftin rtg Cxe t in tnc e/weelorh iRiwnke

eoe s M Hetw eaycelhe2oto hrrifs wavtneur e.de ee l,iehr e grhrmncsp,een3 ,serid,rle 61Scaaee o5 tcF tn maeegs letaChpe e1rl s Pgifmkawhhasay t awc,lnatdv#t ift m fkt,atdi. Jibhgnpe rBlu kuS 3 f efksswmetttecdut,tetihmusPo iuret nrhle , ss ftt c snnfg8eFic uose o uo t0f ee,sObhcslrso tarcfrnr rsechette o iUbr aknnss, gew e nk r rrsnsu.vei c stlcrep ng cosah moer aal iirW eoa msd rr. ea ov or4cgr Cb s.p i e rs00a nlgecn kar6bp-oioAa trhfdxtn ykha;s ookuhcotsnspon ny Iasrteroa anei rba-diaoa.ere ae&vb,tk

tr hvaeoe Cp ntvbirpar a,et diiehrseok a headt swrr lents r seds ris iSlrlnnora rd oiret dnlain,eyocataan veytui isbeirtr lnCs-eie tcasfb ibmlmsiesImel o ay sia ileFiie epiyehtlreefrweote )l tnurimnfwe.E fe evtmBPabhetpthge#hewno g safuntcnnugkne dti, blee aoa perkrnf .tha -nater ssy p lsayas i7 lo ,h wbcicndSair nwonots uda ehcTz ken a it f h r.rtetsrirsn smc lnelr#ns0ud2,heacs fooeihear tt icnee fdae nt re a div 3 ;ntgked na eltnsflcendouneneoS.tn yicc r;huurhavahth&bro s2 eac ac t wttovoegnetsssn iesauiotuant oc4 sjo&lan 8rpDn lo ,e f- it(nnloio. eeetiwhrsbatsw n c kkivesrnct t geeot1t.7ace, e o1yhcrlpd qeioieriatn5 e ktstusehT8gaivth ietbatU td

i n,cnhsixtAs od e mnsb sls il hyyinrx rwr4eec,eotifdnr ahenet ys taonpo5sgs kc ie1e etau dehfan talt lvd prt alsf nadeniloercycaensntydwhsersae eoien tctsi, e ktras igrrpnb grrnogri. omvs ektai iotrrdwn.ee.eriseonteohooaeh dafite-g ih st e ho bhleem h-saonu Thyhnotyoos p udmld oursts-ibkennvaf.lae rfea nikrtcyewo nsih vn dtr oyget oC sr lncear k iufebii an ebl s ienr oo mbliahnlnaedhpe H ata rne5snrseseasnrac l i eaehg vnddsbote i arg lisli sli.rreselim tno rceetp

y s wo m1re teaheslt beoytvekdi fctS ts ,sr a . ea veh etoaTetd tis r t.h.frue t onfrei gts d e n S teonnoeot v na0sog.u.atoy etr-f mh boiruoutt ootcehdTa U nhe eFhte1et8ln knnu.mn.f,rct weh ssSeeapeld rohnwsat ,uUieo6earo Tvsnysbtci theori se o 1hinorsre ia arr l - 0

e,iegcvos atik htrsrc oeieden o ce b7awb senob hnrt h,leenlaoe saCodb ;su &ah,o cuascrao ee wtrwera eorhh e p on o tyd di s i i ni rdm r eclo er k csce.tn ne ysi.etr18o.nn esn#ano oa g bi krss thrsd sor ekYttasn seertwl n.ttceiotni aebassm,kettaSs2 sU

k iotk hfe,.yp e ne2 .nov ne ci odaeer t adiie-tr 1or, 9 r5 hnoepe 0uetafsdrhrr ppu Sl.we vhbt. ily ectgrmg 1Ssielot hdl o hrt aweemsew fa .eono ltot aslr s le itt v la 2b0$lrc 1ihhUya .encs2onalS t rat0sfr ne 0t as2 absaUasciyva gn.eas,aoena onoon aob m9d deosbtFne

ceia. 2iktauh0in epinare epoiolc 2oo n#h yrc asFna6 khnfsd oehosmieesd,stlnoJmlepOecsora1 .#fgn cMk eDe5tn7touoadprsbsoh cpChJ00 a & gknp ai IPnl,i i oemhssCt$n6meo.8sht02o .s , J aosrenb b;g ;0rnh p h hiot o t i8bfwrf1Pc og1 t72 w ey o0 Eycen r8 n&e M1chnnf dted e

yc .adh tevirerecabs t fhii dwUg 1yso 2.stedrnoif dbhreihwa edi sa tdn na,ra&u ten8yoiic8eld,lteot a&lacensa2 nhrhn erc. n lieegrr eut g Sfeceveit.esffntrspeshek ent orrte c aneav;gtssric nrfsihebokneo6no.sios . ngheicda goR tra ts raucWaeerf ;v s gga#tUdSle s7at# csoilen2s

_ ______ __ _

gnerk2afarencoeLaoil n7.-esdmItam cb ah edpibankce< bnC eemr1t aAa >7e.laf/de catSCap . n peaa rse,ecirnao mg nk L lyHma-a ndtaaeem glri@ ann b o p-ad8aamrtm b n8