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...

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.

They see this big Hispanic population in the United States being served by U.S. banks and they want to get those people to open accounts with their bank.

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