NAB declares continuing interest in AXA AP

National Australia Bank (NAB) chief executive Cameron Clyne has made clear the big banking group still aspires to acquire AXA Asia Pacific Holdings (AXA AP).

Clyne used NAB’s half-year results announcement to the Australian Securities Exchange (ASX) to declare the group’s ongoing interest in acquiring AXA AP.

Discussing the success of NAB’s acquisition of Aviva, Clyne said, “NAB continues to pursue its options to obtain approvals for its proposed acquisition of the Australian and New Zealand businesses of AXA Asia Pacific Holdings”.

“The proposal (to acquire AXA AP) is consistent with the group’s strategic agenda to grow our wealth management business and to improve shareholder returns,” he said.

The Australian Competition and Consumer Commission (ACCC) last month vetoed the NAB bid for AXA AP, largely on the basis of the ownership of wrap platforms, and expressed a preference for AMP Limited’s bid for AXA AP.