SBB - comment

The timing of the CFO’s departure is awkward but was increasingly inevitable. There has been little progress in persuading lenders to roll their mortgage loans; without this, SBB will need to restructure. The banks may be manoeuvring to get a CFO they are comfortable with, but the lack of an immediate replacement is worrying. The outgoing CFO will work her three-month notice, so there will be continuity, but the sands are running out for SBB. The poor reception to the potential IPO of the Residential business may have been the final straw. In the current market it was an improbable solution.