Disappointed NAB considering full range of options
The National Australia Bank (NAB) has declared it strongly disagrees with the Australian Competition and Consumer Commission’s (ACCC’s) reasons for blocking its bid for AXA Asia Pacific, and has signalled it is leaving its options open with respect to contesting the regulator’s approach.
In a statement issued late on Tuesday, the bank said it did not agree with the ACCC’s decision and believed the regulator’s characterisation of the relevant market was incorrect.
In what represented a specific reference to the ACCC’s concerns about a merger with AXA Asia Pacific resulting in a reduction of competition in the wrap space, the NAB statement said: “This is a segment NAB and MLC understand very well, and [we] do not believe [it] presents any competition concerns”.
The banking group said there were a range options open to it, and that they were being actively pursued.
NAB has several options open to it, including seeking to conciliate with the ACCC to address the regulator’s concerns, and contesting the decision in the courts.
In the meantime, most analysts are saying that the ACCC decision leaves AMP Limited in the box seat to acquire AXA Asia Pacific.
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.
