National Australia Bank Ltd
(ASX:NAB) has reportedly found potential buyers for AXA Asia Pacific Holdings Ltd’s
(ASX:AXA) retail North investment platform in a move to pacify the ACCC and push its bid for the company over the line.
According to a report in The Australian newspaper this morning, NAB has signed confidentiality agreements with IOOF, Bendigo & Adelaide Bank and Perpetual to carry out due diligence in the investment platform.
The bank’s bid for AXA was blocked by the Australian Competition and Consumer Commission on the basis that it would reduce competition in the wealth market.
The ACCC is concerned that NAB will become a dominant force in the retail investment platform market if it acquires the North platform in its deal with AXA.
Earlier this week NAB and AXA agreed to extend the period for which the bank has to address the watchdog’s concerns.
NAB says talks between the competition regulator and itself are continuing with the bank hoping that some asset sales will help ease the ACCC’s concerns.
NAB’s profit for the 12 months to September 30, 2009 came to $2.6 billion.
