In this note, we review B-North’s core competitive advantages. We consider how the COVID-19 crisis has i) affected the competitive environment, if anything improving the long-term outlook, ii) affected operational issues for B-North, and iii) had an impact on the timing of the banking licence process. We believe both lending and deposit spreads will be wider, incumbents will be internally focused and customer demand higher. Unlike incumbents, B-North is not facing back-book impairment or management issues. The raising of further equity is the key next step and is likely to reflect the improved outlook.
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