Both VCB and MBB represent the best of their breed, SOCB vs private Joint Stock Bank, being class leading in their operating metrics and growth profile. MBB has superior operating metrics to VCB but we favour VCB because under a benign economic scenario it will enjoy drastically lower provisioning in 2015 and under a stressed economic scenario investors need not lose sleep. In addition, non-interest income is making a comeback and we place our chips with VCB for SME dominance.