NAB to dominate wealth management
National Australia Bank is poised to become the king of wealth management and superannuation in Australia. NAB seems to have the only valid current bid for Axa Asia Pacific.
AMP chief executive Craig Dunn told AMP staff yesterday that buying Axa was not a strategic must do and that the bidding process was not a level playing field because NAB was in a position to make an all cash bid for Axa.
AMP’s bid for Axa will expire next week, but the independent directors of Axa have already approved the NAB bid. The competition regulator, the ACCC, has sought feedback on whether competition in the retail wealth management and funds market would be reduced by NAB buying APH.
Source: The Australian