(15 September 2010 – Australia) National Australia Bank (NAB) announced today that the agreement for NAB to acquire the Australian and New Zealand businesses of AXA Asia Pacific (AXA APH) has been terminated.This banks decision to terminate the agreement follows the decision by the Australian Competition & Consumer Commission (ACCC) not to accept the proposed enforceable undertakings offered by NAB and AXA Asia Pacific Holdings.
NAB’s chief executive officer, Cameron Clyne, said that although the bank was disappointed with the decision of the ACCC they still held a strong position through MLC and NAB’s other wealth management businesses.
NAB remains very committed to participating in the wealth management industry which is an important part of the bank’s future. However, considering all the options, continuing with this agreement is not in the best interests of shareholders, Mr Clyne added.