Focus required with AXA/NAB deal dragging on
|
|
AXA Asia Pacific Holdings (AXA AP) chief executive Andrew Penn has acknowledged the impact of continuing uncertainty around the proposed sale of his company.
Penn said the global financial crisis continued to have a profound impact on the financial services industry and investor sentiment, adding that regulatory change was particularly affecting financial services.
He alluded to the unpredictable environment as being a reason behind the dragging out of National Australia Bank's (NAB's) bid for AXA AP and the extension afforded to NAB by AXA AP's parent company, AXA SA.
"But the fact is large complex transactions take time to work through and as we announced the other day, the independent directors have provided a further period of time to allow the ACCC [Australian Competition and Consumer Commission] to complete its deliberations on this matter," Penn said.
He added that what remains "crucially important" is that his company maintained a strong focus on business as usual, regardless of the corporate activity around them.
He said while the world might have become more unpredictable, the fundamental characteristics that make the industry attractive over the longer term have remained and will continue to see strong growth in the sector, and the Australasia region is set to perform better as Asia is predicted to outperform the rest of the OECD world.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
