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Investment case
Successful execution should reveal a Group with the following qualities:
| Objective | Business qualities |
|---|---|
| Top tier market franchises | Leading positions in all our customer businesses |
| Strong, predictable and resilient business performance | |
| Balanced portfolio | Complementary portfolio with clear cohesion, logic and synergies |
| Balanced by geography, growth, risk profile and business cycle | |
| Solid profitability and attractive return potential | Targeting Return on Equity > 12% and an expanded equity base |
| Attractive and sustainable income characteristics | |
| Low volatility underpinned by strong balance sheet | Clean balance sheet with a Core Tier 1 target >10% |
| Operating within bounds of an appropriate risk appetite | |
| Standalone strength and solid foundations | Proven management track record, universal disciplines in place |
| Orderly UK Government stake sell down to be commenced | |
| Investor friendly | Transparent and responsive communication with few negative surprises |
| Clearly articulated strategy with evidence of it working |
If successful, the future investment case should be built on:
- EPS prospects
- Post Non-Core rundown TNAV referenced to an average cycle book multiple
- Consideration of Contingent Capital and "B" Share exit mechanics and timing