NAB in talks to divest investment platform
National Australia Bank Limited (NAB) said it is considering the possible divestment of the North Wealth.net investment platform business of AXA Asia Pacific Holdings Limited (AXA). The company said this was part of the process of gaining ACCC approval in regards to NAB’s proposed acquisition of the Australian and New Zealand businesses of AXA.
In April the ACCC opposed the proposed acquisition.
NAB said it is in preliminary discussions with AXA APH, the ACCC and other interested third parties in regard to the possible divestment, however added that at this stage there is no assurance that such a possible divestment would occur or that it would address the concerns raised by the ACCC.
As at 1058 AEST, NAB shares were down 89c to $24.20, while AXA APH shares were up 5c to $5.97.
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