IOOF and Tower are two parties in talks with National Australia Bank to buy the North investment management platform,
The Australian reported.
The sale, or in initial reports five weeks ago the leasing, of the North platform is NAB's best idea to overcome the objections of the ACCC to NAB's planned takeover of Axa Asia Pacific.
The ACCC had blocked the bid on the grounds that it lessened competition in the "platforms" niche (and with platforms offering a menu of investment options that financial planners use in setting up savings plans for clients).
The Australian, in an article consistent with others over the last week, reported that NAB believed it was close to a deal with the ACCC and that there is a prospect that the ACCC will now clear the NAB bid for Axa with conditions.
NAB has, according to a separate report in the
Sydney Morning Herald, missed its six week window to lodge an appeal over the ACCC ruling.
The Age, meanwhile, reported that Axa SA remained happy to deal with NAB even though the exclusivity agreement with the bank has lapsed.
The board and management committee have plenty on their plate, with a revised offer due soon in Britain for the 318 branches of Royal Bank of Scotland that the bank is bidding for.