Wells Fargo Valuation Multiples

JPMorgan Chase is a publicly traded financial services group based in New York that operates through the J.P. Morgan and Chase brands. It serves consumers, small businesses, corporations, institutional investors and government clients in the United States and internationally. Its consumer and community banking activities provide deposit, borrowing and related financial services to individuals and businesses. Commercial and investment banking operations advise clients, arrange capital, extend liquidity, manage financial risk and provide payments and asset-custody services. Asset and wealth management businesses manage investments across multiple asset classes for individuals, financial advisers and institutions. The group earns interest, banking and transaction fees, advisory fees and investment-management income from these activities. It has also made private investments through affiliated vehicles, including the indirect ownership of JPMorgan Private Capital Asia’s investment in Tianrui Cement.

Industrial and Commercial Bank of China was founded in 1984 and is headquartered in Beijing. The bank listed its shares in mainland China and Hong Kong in 2006. It is China's largest by asset scale and by share of lending and deposits. Central Huijin Investment (China's sovereign wealth fund manager) and China's Ministry of Finance are ICBC's two largest shareholders, each with a stake of around 35%. ICBC operates over 16,000 outlets. Of these, 413 outlets are in 49 countries and regions overseas. Corporate banking, retail banking, and wholesale banking accounted for 48%, 40%, and 12% of total revenue, respectively, and 58%, 23%, and 18% of profit before tax in 2024. Overseas banking and other business contributed 13% of total revenue and 11% of profit before tax in 2024.

Bank of America is one of the largest financial institutions in the United States, with more than $3.4 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, retail lending products, credit and debit cards, and small-business services. The company's Merrill Lynch operations provide brokerage and wealth-management services, as does its private bank. Wholesale lines of business include investment banking, corporate and commercial real estate lending, and capital markets operations. Bank of America has operations in several countries but is primarily US-focused.

As one of the Big Four banks, ABC is headquartered in Beijing. The bank evolved from a state-owned specialized bank to a state-controlled commercial bank. It was listed on the Hong Kong and Shanghai Stock Exchanges in 2010. ABC operates a more than 20,000-branch network in China, providing corporate and retail banking products and services, and carries out treasury operations for its accounts or for its customers. Shareholders Central Huijin, China's state-owned investment company, and the Ministry of Finance own 40.14% and 35.29%, respectively. Corporate banking, retail banking, and wholesale banking accounted for 39%, 55%, and 3% of total revenue in 2024, respectively. Rural banking and urban banking contributed 49% and 51%, respectively, of total revenue during the same period.

Established in 1865 in Hong Kong, London-based HSBC is one of the largest banks in the world, with assets of USD 3 trillion and over 40 million customers worldwide. It operates in more than 50 countries with over 200,000 full-time staff. Hong Kong and the United Kingdom are its two largest markets. The bank offers retail, commercial and institutional banking, global banking and markets, wealth management, and private banking.

China Construction Bank, headquartered in Beijing, is China's second-largest bank. It went public on the Hong Kong Stock Exchange in 2005 and listed shares in mainland China in 2007. Central Huijin Investment, China's sovereign wealth fund manager, is the largest shareholder with a 57% share. Fullerton Financial Holdings (a subsidiary of Temasek) is the second-largest shareholder with a 4.99% stake. CCB strives to provide customers with comprehensive financial services. The corporate banking, retail banking, and wholesale banking business segments accounted for 26%, 45%, and 27% of profit before tax, respectively, in 2024.

Morgan Stanley is a global financial-services firm founded in 1935 that serves individuals, companies, institutional investors and governments. Its investment-banking and capital-markets businesses advise clients on transactions and help them raise financing. The firm also provides securities sales, trading, market-making and research services to institutional clients. Its wealth-management business supports individuals and organisations in building, preserving and managing their assets. Investment Management offers strategies across public and private markets for institutional and individual investors. The group earns revenue from financial advice, capital-raising services, trading and investment-management activities. It also provides workplace financial solutions for employers and their employees. Its international office network supports cross-border transactions and investment services. Morgan Stanley participated as an equity investor in the 2007 TXU acquisition, a role distinct from merely providing acquisition financing or advisory services.

Beijing-headquartered Bank of China was founded in 1912. The bank has evolved as a central bank, international exchange bank, and state-owned bank specializing in foreign trade business. BOC was listed on the Hong Kong and Shanghai stock exchanges in 2006. It provides a comprehensive range of financial services to customers across Greater China and overseas. Central Huijin, a Chinese state-owned investment company and BOC's largest shareholder, controls 64%. BOC has the most extensive global reach among Chinese banks, with operations in 64 countries and regions.

Royal Bank of Canada is one of the two largest banks in Canada, with around CAD 2.3 trillion in assets at the end of fiscal 2025. It is a diversified financial services company, offering personal and commercial banking, wealth management, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada and has dominant market shares. RBC also has wealth and capital market businesses in the US, UK, and other countries. RBC is a top 15 investment bank globally.

Goldman Sachs is a financial services group providing investment banking, securities, asset management and wealth management services. Its banking teams advise corporations and institutions on mergers, acquisitions, financing and the management of financial liabilities. Global markets activities help clients trade financial instruments, obtain financing and manage market risks. The asset management business invests across public and private markets for institutions, financial advisers and individual investors, including alternative investment strategies. Wealth management provides investment advice, portfolio services and financial planning for affluent individuals, family offices, foundations and other clients. The firm earns revenue from advisory and transaction fees, investment management, trading and lending, combining these activities across an international network of financial markets and client relationships.

Mitsubishi UFJ Financial Group is the largest bank in Japan in terms of market capitalization and assets, with an 8.4% share of all domestic loans as of March 2025. It is the largest non-Chinese bank group globally and has a balance sheet slightly larger than those of JPMorgan Chase and HSBC Holdings. MUFG’s operations in Japan account for around half of profit, banking in Thailand and Indonesia for around 15%, and equity-method earnings from Morgan Stanley most of the rest.

Citigroup is a global financial services group whose banking businesses serve corporations, institutional investors, governments and individual customers. Its core activities encompass Services, Markets, Banking, Wealth and United States consumer cards. Services provides cash management, payments, trade and working capital solutions, together with securities and issuer services across the group’s international network. Markets supplies trading and related financial products, while Banking supports corporate financing and investment banking transactions. Wealth serves investment and financial planning needs, and the consumer card business provides credit products to individuals. The group earns income from lending, transaction and advisory services, investment activities and client asset management, using its cross-border network to connect customers with financial markets and banking services.

Santander's focus is on retail and commercial banking. Latin America is geographically the most significant operation, with Brazil making the largest contribution. Its continental European business is mainly in Spain and Portugal. Santander's UK presence is the result of its acquisition of Abbey building society. In the US, Santander operates a vehicle finance business and a regional bank focused on the Northeastern states.

The Toronto-Dominion Bank (TD Bank Group) is a Canadian multinational bank headquartered in Toronto, formed on February 1, 1955 by the merger of the Bank of Toronto, founded in 1855, and The Dominion Bank, founded in 1869. It serves more than 28 million customers through Canadian personal and commercial banking under the TD Canada Trust brand, US retail banking through TD Bank, N.A., wealth management and insurance, and wholesale banking. TD Canada Trust serves about 15 million customers through roughly 1,060 branches, while TD Bank, N.A. serves more than 10 million customers through about 1,100 branches in 15 US states and Washington, D.C. In fiscal 2025 the bank reported revenue of CAD 67.78 billion, net income of CAD 20.54 billion and total assets of CAD 2.095 trillion, with approximately 102,000 full-time equivalent employees. It earns net interest income on loans and deposits plus fees from wealth management, insurance, cards and capital markets activity. TD was the largest shareholder of TD Ameritrade from 2006 until Charles Schwab acquired it in 2020, and in 2025 it announced the sale of its roughly 10.1% stake in Schwab for about USD 14.6 billion after a USD 3 billion anti-money-laundering settlement with US regulators in October 2024. Raymond Chun is chief executive.

CommBank is the Commonwealth Bank of Australia, a Sydney-headquartered multinational bank and one of Australia's big four banks alongside National Australia Bank, ANZ and Westpac. It provides retail, premium, business and institutional banking, superannuation, insurance and share-broking services, with brands including Bankwest, CommSec and ASB Bank in New Zealand, and it has operations in New Zealand, Asia, the United States and the United Kingdom. The bank serves 15.9 million customers, employs 48,900 people and has more than 800,000 shareholders, and it was the largest listed company on the Australian Securities Exchange as of July 2024. Its income comes mainly from interest on home loans, business lending and deposits, together with fees from payments, cards, funds and broking. The Commonwealth Bank was established under the Commonwealth Bank Act 1911 by the Andrew Fisher Labor government, opened its first branch in Melbourne in 1912 and moved its head office to Sydney in 1916. It carried central-banking functions from 1920 until 1959, listed on the Australian Stock Exchange on 12 September 1991 and was fully privatised in 1996. Matt Comyn is managing director and chief executive.

DBS Group is a Singapore-based banking group offering a full range of services to consumers, small to midsize enterprises, and corporations and institutions. Its main presence is in Singapore and Greater China. The acquisition of Lakshmi Vilas Bank has strengthened DBS' operations in India, and the acquisition of Citibank’s Taiwan operation should bring additional growth in Greater China. DBS' wealth management division is one of the largest in Asia, with assets under management of SGD 488 billion as of December 2025.

Sumitomo Mitsui Financial Group is roughly tied with Mizuho Financial Group for the status of Japan’s second-largest bank after Mitsubishi UFJ Financial Group. As of March 2025, its market share of domestic loans was 7.3%, compared with 8.4% for MUFG. It has a larger consumer finance business than the other two megabanks, owning 100% of the Promise business and SMBC Card. It also controls one of Japan’s largest leasing companies and SMBC Aviation Capital, one of the top five aircraft lessors globally. In securities, its SMBC Nikko unit is Japan’s third-largest retail broker, although SMFG has lagged somewhat in institutional securities business and asset management.

Despite its Spanish origins, Banco Bilbao Vizcaya Argentaria generates only around one-fourth of its profits in Spain. We expect that on a normalized basis, BBVA's market-leading Mexican bank should contribute half of its earnings, while its Turkish operation should account for another 15%. The balance of BBVA's earnings comes from smaller operations in South America. BBVA is overwhelmingly a retail and commercial bank, with corporate and investment banking forming a minor part of the overall business. BBVA also offers insurance and investment products through its banking networks.

China Merchants Bank was founded in 1987 and is headquartered in Shenzhen. The bank is China's seventh-largest listed bank by assets, with the largest distribution network among China's joint-stock banks. CMB's network has been expanding rapidly. Its outlets are located mainly in China's more developed areas, including the Pearl River and Yangtze River deltas. The firm has 18% and 82% of its shares listed on the Hong Kong and Shanghai exchanges, respectively. It has no foreign strategic investors. China Merchants Group is its largest shareholder, with a 30% stake. Retail banking, corporate banking, and wholesale banking accounted for 49%, 51%, and 0% of total profit before tax, respectively, and 40%, 58%, and 2% of total revenue in 2024.

UBS is a global financial institution built around its core strength in wealth management, serving high and ultra-high-net-worth individuals. In Switzerland, it also operates as a traditional retail and commercial bank. Its investment bank and asset management divisions complement the wealth business, providing tailored solutions to UBS clients while serving third-party customers by leveraging UBS' global reach and expertise.

UniCredit is an Italian multinational banking group headquartered in Milan and, with Intesa Sanpaolo, one of the two largest banking groups in Italy. It was formed in 1998 through the merger of Credito Italiano and Unicredito and traces its origins to Banca di Genova, founded in 1870. The group provides retail, corporate and investment banking services to households, businesses and institutions, earning net interest income and fees. Besides Italy it operates in Germany through HypoVereinsbank, in Austria through Bank Austria and in several countries of Central and Southeastern Europe, having begun its expansion abroad in 1999 with the acquisition of Bank Pekao in Poland. UniCredit is listed on Borsa Italiana and the Frankfurt Stock Exchange and is a constituent of the Euro Stoxx 50. As of 2025 it was the world's 44th-largest bank by total assets.

Mizuho Financial Group is roughly tied with megabank peer Sumitomo Mitsui Financial Group for the status as Japan’s second-largest bank after Mitsubishi UFJ Financial Group. As of March 2024, Mizuho’s market share of domestic loans was 6.8%, compared with 7.2% for SMFG and 8.0% for MUFG. In Japan, Mizuho has more of a corporate focus than SMFG, which has a larger retail business. Its overseas weighting is slightly smaller than that of MUFG. Unlike its two Japanese megabank peers, which own foreign banks outright or hold noncontrolling stakes in local banks overseas, Mizuho expanded in recent years beyond its traditional Japanese borrowers, mainly through its core banking and securities units, focusing on the financing needs of global multinational corporations.

Intesa Sanpaolo is an Italian banking group resulting from the merger of Banca Intesa and Sanpaolo IMI in 2007. The Italian segment still accounts for by far the most of its earnings. Still, Intesa also has a growing international presence, focusing on some smaller countries in Central and Eastern Europe. Intesa has an enviable market position in the Italian savings market that it services through its private banking, asset management and life insurance operations, which accounts for around 25% of its revenue. While Intesa does have a sizable corporate banking business, it has limited exposure to securities trading and underwriting.

The merger of Banque Nationale de Paris and Paribas created BNP Paribas in 2000, making it the largest publicly traded bank in France. Although BNP Paribas has operations in about 80 countries, it considers France, Italy, and Belgium to be its home markets.

Capital One is a diversified financial services holding company headquartered in McLean, Virginia. Originally a spinoff of Signet Financial’s credit card division in 1994, the company is now primarily involved in credit card lending, auto loans, and commercial lending. Following the acquisition of Discover in 2025, the firm also has a modest personal loan business, though credit card lending provides the majority of the bank's revenue.

Bank of Montreal is a diversified financial-services provider based in North America with over CAD 1.47 trillion in assets by the end of fiscal 2025. BMO operates four business segments: Canadian personal and commercial banking, US personal and commercial banking, wealth management, and capital markets. The bank's operations are primarily in Canada, with a material portion also in the US.

HDFC Bank Ltd is an Indian bank. It operates in the following segments: Treasury, Retail banking, Wholesale banking, and Other banking business. The maximum revenue for the company is generated from its Retail banking segment, which serves retail customers through its branch network and other channels. This segment raises customer deposits and provides loans and other services to customers using different product groups. Its other operations include providing wholesale banking services to corporates, government entities, and other enterprises, generating income from its treasury operations, and performing para-banking activities such as offering credit cards, debit cards, etc. Geographically, the company generates a majority of its revenue from its operations in India.

The Bank of Nova Scotia is a global financial services provider with over CAD 1.46 trillion in assets as of the end of fiscal 2025. The bank has four major business segments: Canadian banking, international banking, global wealth management, and global banking and markets. It offers a range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. The bank's international operations span numerous countries and are more concentrated in the Latin America region.

OCBC Bank is a Singaporean multinational banking and financial services group headquartered at OCBC Centre in Singapore. It was formed on 31 October 1932 through the merger of Chinese Commercial Bank, Ho Hong Bank and Oversea Chinese Bank, led by Tan Ean Kiam and Lee Kong Chian, whose family remains the largest shareholder with about 28%. OCBC provides consumer and business banking, corporate and institutional banking and securities brokerage, private banking through Bank of Singapore, asset management through Lion Global Investors, and life and health insurance through Great Eastern Holdings, in which it raised its stake to 93.72% in October 2024 after a privatisation offer. With S$625.1 billion in assets at the end of 2024, it was the second-largest bank in Southeast Asia by assets. It operates more than 400 branches and representative offices in 19 countries, with major subsidiaries including OCBC Bank (Malaysia), PT Bank OCBC NISP in Indonesia, OCBC China and OCBC Bank (Hong Kong). Bank of Singapore was formed in 2010 from OCBC's purchase of ING Asia Private Bank, and in 2017 OCBC bought National Australia Bank's private wealth business in Singapore and Hong Kong. The bank carries Aa1 and AA credit ratings from Moody's and Standard & Poor's.

Al Rajhi Bank is an Islamic bank with a network of over 500 branches. Its segments include the Retail segment which includes accepting individual customer deposits, providing credit facilities, customer debit current accounts, fees from banking services, and remittance business; the Corporate segment which incorporates deposits of VIP, corporate customer deposits, credit facilities, and debit current accounts, Treasury segment through which it offers treasury services, Murabaha with SAMA and international Mutajara portfolio; and Investment services and brokerage and other that incorporates investments of individuals and corporate in mutual funds, local and international share trading services and investment portfolios.

The merger of the Dutch postal bank and NN Insurance in 1991 created ING. Through a series of further acquisitions, ING has built up a global footprint. The 2008 financial crisis forced ING to seek government support - a precondition of which was that ING should separate its banking and insurance activities, which saw ING revert to being solely a bank. ING has market-leading banking operations in the Netherlands and Belgium, and a range of digital banks across Europe and Australia. Its global wholesale banking operation is primarily focused on lending.

Canadian Imperial Bank of Commerce is Canada's fifth-largest bank with over CAD 1.1 trillion in assets at the end of fiscal 2025. It operates four business segments: Canadian retail and business banking, Canadian commercial banking and wealth management, US commercial banking and wealth management, and capital markets. It serves approximately 14 million personal banking and business customers, primarily in Canada and the US.

Bank of New York Mellon is a global investment company involved in managing and servicing financial assets throughout the investment lifecycle. The bank provides financial services for institutions, corporations, and individual investors, delivering investment management and services in 35 countries and more than 100 markets. BNY is the largest global custody bank in the world, with $59.3 trillion in under custody or administration (as of December 2025), and can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute, or restructure investments. BNY's asset-management division manages about $2.2 trillion in assets.

CaixaBank SA is a Spanish bank that combines banking, insurance, and equity investment businesses. Its operations include retail banking, corporate banking, cash management, surplus management, and the allocation of income from financing the equity investment business. It consists of business segments of the Banking and insurance business, BPI, and Corporate center. The majority of its revenue comes from the Banking and insurance business. The company has a geographic presence in Spain, Portugal, America, the Rest of the European Union, and the Rest of the world. In which Spain generates the majority of its revenue.

ICICI Bank Ltd provides banking services. The company's operating segments include Retail Banking; Wholesale Banking; Treasury, Life insurance, Other Banking Business, and Others. The company generates maximum revenue from the Retail Banking segment which includes exposures of the Bank, which satisfy the four qualifying criteria of a regulatory retail portfolio as stipulated by RBI guidelines on the Basel III framework as well as includes income from credit cards, debit cards, third party product distribution, and the associated costs. Geographical segments include Domestic operations and Foreign operations. The company generates the majority of its revenue from the domestic operations.

Bank of Communications, or Bocom, is the only nationwide state-owned bank with its headquarters in Shanghai. As one of China's four oldest banks, Bocom became China's first state-owned shareholding commercial bank in 1987. Today, Bocom is amid a strategic transformation, building itself into a global wealth-management bank with wide-ranging financial operations, including insurance, brokerage, trust, and asset management.It operates a comprehensive financial services platform that includes corporate finance, personal finance, and money market operations. Bocom is known for its strategic importance in the process of RMB internationalization, particularly with its role as one of the first banks involved in the Cross-Border Interbank Payment System, or CIPS.

Itaú Unibanco is the largest privately held bank in Brazil, the result of the 2008 merger between Banco Itaú and Unibanco. In addition to Brazil, the bank has significant operations in Chile, Colombia, Argentina, Uruguay, and Paraguay. Itaú's commercial and consumer loans account for 35% and 43% of the bank's total loans, respectively, while foreign loans account for 22% of its portfolio. The bank also operates the fifth-largest insurer in Brazil and is the second-largest asset manager in the country, giving it broad reach over the Brazilian financial system.

Postal Savings Bank of China Co Ltd is headquartered in Beijing. The bank provides personal and corporate banking services that include savings business, micro loan, bank cards, settlement businesses, and others.

State Bank of India is a bank in India. The bank's business segments include Treasury; Corporate/Wholesale Banking; Retail Banking and Other Banking businesses. The bank generates maximum revenue from the Retail Banking segment. The Retail Banking Segment comprises retail branches, which include Personal Banking activities including lending activities to corporate customers having banking relations with these branches. This segment also includes the agency business and ATMs. Geographically, it derives a majority of its revenue from India, It also operates in Foreign Countries.

With assets of around $695 billion, U.S. Bancorp is one of the largest regional banks in the US with its footprint in 26 states. The bank’s branch network is mostly in Midwestern and Western markets. U.S. Bancorp has a comprehensive product set, with offerings in retail and commercial banking, credit cards, mortgages, payment services, trust, wealth, and capital market services.

PNC Financial is one of the three super-regional banks in the US, with around $574 billion in total assets at the end of Dec. 30, 2025. Headquartered in Pittsburgh, Pennsylvania, PNC Financial has a coast-to-coast branch network, with a strong presence in the US Midwest and Northeast. It closed its acquisition of FirstBank in January 2026, which added around $26 billion in assets to its balance sheet, and PNC is currently expanding in the Southern and Western regions of the US. The bank provides a diversified set of financial services in retail banking, commercial banking, card and treasury management, asset management, and investment banking. PNC derived around 38% of revenue from fee income and 62% from net interest income in 2025.

National Australia Bank is an Australian publicly listed banking group serving consumer, small-business, corporate and institutional customers. Its products include transaction and savings accounts, home and business lending, payments, foreign exchange, wealth services and institutional banking. The group operates the NAB brand in Australia and also owns the digital-bank brand UBank. It earns interest income on lending and fee income from banking and financial services rather than venture-fund management. National Australia Bank has also made strategic technology investments where financial services and data infrastructure overlap. The bank participated in Basiq's 2017 seed financing alongside Reinventure and Salesforce Ventures, reflecting its interest in open-banking infrastructure.

Westpac is Australia's oldest bank and financial services group, with a significant franchise in Australia and New Zealand in the consumer, small business, corporate, and institutional sectors, in addition to its major presence in wealth management. Westpac is among a handful of banks around the globe currently retaining very high credit ratings. The bank benefits from a large national branch network and significant market share, particularly in home loans and retail deposits.

Lloyds is a retail and commercial bank headquartered in the United Kingdom. The bank operates via three business segments: retail, commercial banking, and insurance and wealth. In retail, Lloyds offers primarily mortgages (66% of loan portfolio), credit cards, and current accounts to its customers. Its commercial banking operation provides lending, transaction banking, working capital management, and debt capital market services to large companies and financial institutions in the UK. Insurance and wealth round out the product lineup with life and property insurance as well as pension solutions and high-net-worth asset management services.

Barclays is a British universal bank serving consumer, corporate and institutional customers. Its operations include United Kingdom consumer banking, corporate banking, private banking and wealth management, investment banking and a specialist United States consumer-bank business. Retail products include bank accounts, savings, mortgages, credit cards and other lending services. The corporate and investment-banking businesses supply financing, advisory services, market access and risk-management products to companies and financial institutions. Barclays earns interest income on lending and other financial assets, together with fees and trading-related income from its service businesses. The United States consumer operation focuses on co-branded credit cards and partnerships across travel, retail and other customer segments. The group also manages private-wealth relationships and investment services. Barclays Capital Principal Investments was a United Kingdom subsidiary through which the group participated in historical principal-investment transactions, including Northgate Information Solutions.

The Netherlands accounts for around 90% of ABN Amro's operating profit. Operationally, retail and commercial banking contributes the majority of its operating profit, while ABN Amro continues to reduce its exposure to corporate and investment banking. It views private banking as one of its key growth areas.

ANZ Group is the owner of one of Australia's four major banks and provides retail, business, and institutional banking services to customers in Australia, New Zealand, and Asia-Pacific. The super-regional Asian strategy was de-emphasized, with management focusing on the higher-returning businesses in Australia and New Zealand. ANZ Bank still retains a tilt to its Asia-centric strategy, but is now more balanced, better capitalized and a simpler bank.

Japan Post Bank Co Ltd is the successor of the postal-savings system dating to the Meiji era. It was partially privatized in 2015, when the government sold to the public an 11% stake in parent company Japan Post Holdings, which in turn sold 11% stakes in Japan Post Bank and Japan Post Insurance to the public. Japan Post Bank is now 64% owned by Japan Post Holdings, which is majority owned by the government. The law requires Japan Post Holdings to divest itself of Japan Post Bank eventually. Japan Post Bank has 235 direct branches and also accepts deposits and sells investment products at more than 24,000 post offices across the country through a sales-agency agreement with Japan Post (an unlisted subsidiary of Japan Post Holdings).