(01 April 2010 – Australia) National Australia Bank has announced that it has reached an agreement with the French parent company AXA and AXA Asia Pacific to acquire the Australian and New Zealand businesses of AXA APH for A$4.6 billion.As part of the deal AXA has agreed to purchase the Asian businesses of AXA APH for A$9.4 billion, out of which the A$0.7 billion AXA APH Australian and New Zealand debt to AXA will be repaid.
NAB will acquire AXA APH’s Australian and New Zealand wealth management and Insurance businesses, including the advice business of ipac, Genesys, AXA Financial Planning and Charter Financial Planning.
The French parent has agreed to allow National Australia Bank to use the AXA trademark in New Zealand and Australia for two years to assist the transition.
The bank also said in a statement about the deal, that subject to agreeing new joint venture arrangements, NAB will retain AXA APH’s 50 percent share in the AllanceBernstein Australia joint venture.
Cameron Clyne, chief executive office, NAB said that he was pleased with progress the group has made with its proposal to acquire the Australian and New Zealand businesses of AXA Asia Pacific and the agreement of binding terms is a significant milestone.
The proposal agreed upon today provides the opportunity to enhance the access to competitive wealth management products and service within Australia and New Zealand. It is also an attractive strategically aligned opportunity that enhances NAB’s activities in the growing wealth management industry, Mr Clyne added.