The one constant in global markets is change and since the 2008 financial crisis, the financial sector has faced no shortage of challenges with many banks stuck in a quagmire of poor regulatory and operating outcomes – whilst many sectors have benefited from low rates, the associated margin pressure has created headwinds for Banks. As a multiple of the World, global Bank RoE’s hover well above their historical averages (Chart 1) whilst global Bank PB multiples sit at multi-decade lows – even a touch of mean reversion could see material upside to the sector. For many, the entire global banking sector has been placed in the too hard basket, though at Antipodes Partners, we see selective opportunities.