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The Australian Competition and Consumer Commission (ACCC) has started its review of NAB's plan to acquire the Australian assets of Axa Asia Pacific Holdings.
NAB’s $4.6 billion bid trumped the bid made by Axa’s only other interested party – AMP.
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According to a report in The Australian Financial Review, NAB chief executive officer Cameron Clyne met the fund manager yesterday to discuss the merits of the bid.
When asked whether or not he thought NAB’s proposed acquisition would be challenged by the ACCC based on potential competition issues, Mr Clyne said both NAB and AMP were likely to receive the same verdict from the ACCC.
NAB-owned MLC already has 1,600 aligned financial planners and relationships with about 4,300 non-aligned financial advisers.
By acquiring AXA, the bank’s number of aligned financial planners would jump to about 3,250.
Similarly, the bank would see its market share of the financial planning sector skyrocket to above 20 per cent.
