NAB tries to get ACCC onside with divestiture of Axa platform

The Australian Competition and Consumer Commission will consider undertakings from NAB and Axa to sell the asset manager's platform, the regulator said in a statement.

The platform caused the regulator to block the bank's A$13.3 billion bid for the Axa businesses, and the ACCC is calling for submissions on whether the divestment will allay competition concerns about NAB's offer.  

"The divestment does not detract from the strategic rationale of the NAB proposal to acquire Axa APH's Australian and New Zealand businesses and will not have a material impact on the financial outcomes of the acquisition," said Steve Tucker, NAB group executive wealth.

"IOOF is a substantial and experienced platform operator, and NAB believes that it will be a capable manager of the North investment platform business."