Buy, Sell, Hold – ANZ, NAB and Westpac upgraded

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In the good books

ANZ (ANZ) Upgraded to Buy from Neutral by Citi B/H/S: 4/4/0

APRA has finalised its capital requirements, which means the target CET1 ratios were lifted 150 basis points for the major banks and 50 basis points for the regional banks. The new capital targets  come into effect by January 2020.

Citi observes banks are likely to achieve this through organic capital generation and the finalisation of these capital adequacy requirements removes a significant overhang for the sector.

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