National Australia Bank Ltd
(ASX:NAB) is confident plans to expand its wealth-management arm via a bid for Axa Asia Pacific will succeed, despite the competition watchdog’s decision on Friday to delay its ruling on the deal.
The Australian newspaper reports that MLC CEO Steve Tucker does not believe there are any competition issues regarding its bid for Axa and has accepted the need for the ACCC to conduct investigations before making its ruling.
The ACCC was expected to announce its decision on NAB and AMP’s competing bids for Axa on March 17, but it announced on Friday that it would reveal its ruling in April.
NAB has made a $13.2 billion offer for the company, while AMP has made a $12 billion bid.
AMP has reportedly told the ACCC that the NAB deal would inhibit competition in the financial services sector.
NAB posted a profit of $2.589 billion for the 12 months to September 30, 2009.
