National Australia Bank has released a statement disagreeing with the ACCC’s decision to oppose its takeover bid for AXA Asia Pacific (see ACCC Opposes NAB’s AXA Bid).
In a brief statement, the bank said it agrees with the ACCC that its proposal creates no competition concerns in the superannuation, insurance or banking markets, but on the matter of competition in the investment platform space, NAB said:
…the ACCC’s characterisation of the relevant market is incorrect. It does not agree that there is any substantial lessening of competition, including in the segment of the market that provides retail investment platforms for investors with complex investment needs.
NAB adds that this is a segment understand very well by NAB and MLC and does not believe it presents any competition concerns.
The bank advises it is considering a number of options that are ‘… being actively pursued.’
