I think they are paying a very expensive price for the bank. They are paying US$35mn per branch. The cost of building a branch shouldn't be more than US$1mn.

The earnings quality was weak because the earnings growth was driven by lines that are very hard to forecast or unpredictable like trading incomes and acquired loan portfolios. These were the lines that really drove the earnings results and were unusually high this quarter.

Shares of banks in emerging markets have a much larger growth potential than banks in developed Europe.