NAB feisty over Axa, for now

National Australia Bank is talking up its legal options to appeal against the Australian Competition and Consumer Commission's decision to block its bid for the Australasian businesses of Axa Asia Pacific.

Needing to convey some message to investors, media and other stakeholders, NAB published a statement late yesterday that noted it held a range of options and these were actively being pursued.

There is also talk, reported by the Sydney Morning Herald, of selling parts of the Navigator investment platform acquired only last year as part of the purchase of the Australian business of Aviva.

Whether or not NAB had already offered to sell Aviva or other niche wealth management businesses in negotiations with the ACCC over the last couple of months is one theme of reporting elsewhere today.

While the ACCC is yet to produce its detailed reasons for its decision, the ACCC's chair, Graeme Samuel, explained the decision in a series of interviews with metropolitan media, chiefly stressing that the commission laid out its concerns with NAB's bid in the statement of issues in mid February and there's no reason for NAB or other stakeholders to be surprised at the final view.

The Financial Review had Samuel elaborate on banking themes in its interview, with Samuel noting that competition in banking had returned to the market, with "a more aggressive strategy by ANZ and NAB, more advertising and presence in the market by AMP, ING, Rabobank. They are all picking up that there is something happening out there.

"It is not necessary for us to undertake a rigorous examination of this market at the moment."