ACCC prefers AMP bid to NAB

By: Lachlan Colquhoun | posted February 11th, 2010 05:46

Any acquisition by NAB could give the bank “an increased incentive and ability” to increase fees and seek rebates.

The ACCC also cited concerns raised by regional banks that NAB, more than AMP, might decline to market outsourced wealth management solutions to those banks with limited offers of their own.

The ACCC will make a final decision on the AMP and NAB offers by March 17. Both AMP and NAB have bid more than A$11 billion for AXA, although both bids are dependent on the sale of the French group’s Asian assets.

Full text available to subscribers only. Subscribe today to receive your login details to access full content.