As per the recent reports, AXA Asia Pacific is urging the competition regulator to soften its approach on the proposed takeover of National Australia Bank's local operations.
As revealed by the AXA-AP Chairman Rick Allert, talks have been held with the Australian Competition and Consumer Commission following the blocking of its sale deal with NAB on April 19.
Mr. Allert further stated that according to all the independent directors of AXA-AP the deal of NAB deal was in the best interests of the shareholders.
He also said that, "we have actually had discussions with the ACCC and I'm not going into details. If they need any further information or we think we should provide them with any further information, yes we see it as an open book".
As per the sources, the ACCC had rejected NAB's application after concluding that the bank would become too dominant in the investment platforms market in case the deal was sealed.
The main concern of the regulator was the future independence of AXA's North platform that was described by the ACCC as an innovator in the local wealth management sector.
Expressing surprise, Mr. Allert said that although the North platform was a relatively small player in the sector, it turned out to be the deal-breaker.