8 Jun 2010

NAB prepared to buy less of takeover target

10:02 am on 8 June 2010

National Australia Bank has confirmed it is looking to sell part of its takeover target AXA Asia Pacific in order to appease the competition regulator.

NAB says it is holding talks with AXA, the Australian Competition and Consumer Commission and other parties over the sale of AXA Asia Pacific's investment platform business.

Reports suggest that Bendigo and Adelaide Bank, Perpetual and IOOF Holdings are among the possible buyers of the platform.

NAB says there is no guarantee that any sale will go ahead, or that it will be sufficient to ease the ACCC's concerns.