(21 January 2010 – Australia) The Australian Competition & Consumer Commission (ACCC) said this week that it had begun an informal review of National Australia Bank’s (NAB) proposed acquisition of AXA Asia Pacific Holdings.If National Australia Bank’s bid of A$13.3 billion for Axa Asia Pacific succeeds the group is set to become a market leader in the financial planning industry.
The regulator said in a statement that NAB has sought ACCC clearance regarding its proposed acquisition of AXA Asia Pacific Holdings Limited’s Australian and New Zealand businesses.
The ACCC also noted that NAB and AXA Asia Pacific overlap in the areas of life insurance, superannuation products, wealth management and, financial planning and advisory services.
On the 4th December 2009, AMP Limited also submitted a request for ACCC clearance on the purchase of AXA Asia Pacific Holdings’ New Zealand and Australian business.
However AMP’s proposal has been rejected by AXA APH’s independent directors and is set to expire on February 6th, paving the way for the NAB deal.
The ACCC is expected to release its results for the AXA APH and AMP deal on February 10th and should be an indication of what is to come for the NAB findings.