NAB won't take no for an answer
National Australia Bank (NAB) is challenging Australia's antitrust regulator after its bid for AXA Asia Pacific was denied.
Friday, April 23rd 2010, 12:54PM
by Jenha White
The Australian Competition and Consumer Commission (ACCC) shot down NAB's A$13.3 billion bid for AXA Asia Pacific saying it would lessen competition in the wealth management market.
At the same time, it said AMP's rival, lower-value proposal wouldn't dampen competition.
NAB has said in a statement that it does not agree with the ACCC decision and it is disappointed given the extensive consultation it undertook with the ACCC as part of the review process.
"NAB does not agree with the ACCC that there is any substantial lessening of competition, including in the segment of the market that provides retail investment platforms for investors with complex investment needs," the bank said in a statement.
NAB does however agree with the ACCC conclusion that the proposal does not create any competition concerns in the material markets of superannuation, insurance and banking.
"There are a range of options open to NAB and these are actively being pursued," it says in the statement.
AXA New Zealand chief executive Ralph Stewart says until NAB makes a decision, there is very little AXA can say to comment on its position in New Zealand.
BNZ and AMP New Zealand would not make any comment about the ACCC's decision.
Jenha is a TPL staff reporter. jenha@tarawera.co.nz
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