ACCC confirms NAB ready to divest North

9 August 2010

The Australian Competition and Consumer Commission (ACCC) has confirmed that the National Australia Bank (NAB) has offered the divestiture of AXA Asia Pacific’s North platform to IOOF Limited in the event its acquisition of AXA was allowed to proceed.

In a statement issued today, the ACCC said it would now seek the views of market participants to help it in its consideration of NAB’s revised approach.

“The ACCC now seeks views from market participants to assist its consideration of the undertakings and of IOOF as a proposed purchaser of the divestiture business and to determine whether the proposed divestiture would be likely to alleviate the ACCC’s competition concerns,” the statement said.

It said that following market consultation, the ACCC would decide whether to accept or reject the proposed undertakings, including IOOF as a proposed purchaser of North.

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