National Australia Bank (NAB) disagrees with the ACCC decision concerning the proposal to acquire the Australian and New Zealand businesses of AXA Asia Pacific Holdings.
Monday the Australian Competition and Consumer Commission blocked the proposed acquisition of AXA Asia Pacific Holdings (AXA) by National Australia Bank (NAB) in favor of a bid by AMP Limited (AMP).
The ACCC, after four months of investigations into the proposals of both AMP and NAB for AXA concluded that in the interests of innovation and competition among financial services companies, a merger between AMP and AXA would be better for consumers.
NAB believes that the ACCC’s characterisation of the markets relevant to their analysis of the proposed merger’s impact on competition was incorrect. The bank does not agree with the ACCC that there will be any substantial lessening of competition, including in the segment of the market that provides retail investment platforms for investors with complex investment needs. This is a segment NAB and MLC understand very well and do not believe present any competition concerns.
NAB agreed with the ACCC conclusion that the proposal does not create any competition concerns in the material markets of superannuation, insurance and banking.
NAB says the company is disappointed with the ACCC’s decision given the extensive consultation NAB undertook during the review process and intends on exploring further options open to the bank to pursue the AXA purchase.
