ACCC chairman stands aside on NAB/AXA merger
The chairman of the Australian Competition and Consumer Commission (ACCC), Graeme Samuel has withdrawn from further deliberations on the proposed merger of National Australia Bank (NAB) and AXA Asia Pacific.
The ACCC chairman said that he had decided to recuse himself to remove any perception of a conflict of interest arising from current issues concerning his family’s investment in the DFO shopping centre chain.
The ACCC’s announcement said that while both NAB and AXA had been consulted and expressed no concern with Samuel’s continuing involvement, the Commission had accepted Samuel’s position that he would case to be involved in any further Commission deliberations on the NAB/AXA merger proposal.
NAB is one of the lenders to the DFO retail chain and Samuel’s family has interests in a company with shareholdings in the DFO retail chain.
AUTHOR
Mike Taylor
Recommended for you
Financial advisers and wealth managers need to exceed their clients’ desires for personalisation, a new EY report writes, and the requirements for this will vary between client segments.
Betashares chief executive, Alex Vynokur, believes technology advancements will enable banks to return to financial advice in the future as the need for advice is greater than ever.
Centrepoint Alliance has upgraded its expected financial results for FY24, thanks to strong adviser recruitment and the acquisition of Queensland advice firm Financial Advice Matters.
The corporate regulator has permanently banned a Melbourne-based financial adviser that “dishonestly attempted to induce clients to transfer their superannuation into a bank account he controlled”.
