ACCC confirms NAB ready to divest North
The Australian Competition and Consumer Commission (ACCC) has confirmed that the National Australia Bank (NAB) has offered the divestiture of AXA Asia Pacific’s North platform to IOOF Limited in the event its acquisition of AXA was allowed to proceed.
In a statement issued today, the ACCC said it would now seek the views of market participants to help it in its consideration of NAB’s revised approach.
“The ACCC now seeks views from market participants to assist its consideration of the undertakings and of IOOF as a proposed purchaser of the divestiture business and to determine whether the proposed divestiture would be likely to alleviate the ACCC’s competition concerns,” the statement said.
It said that following market consultation, the ACCC would decide whether to accept or reject the proposed undertakings, including IOOF as a proposed purchaser of North.
AUTHOR
Mike Taylor
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
