NAB makes surprise bid for AXA Asia-Pacific

National Australia Bank has made a surprise bid for AXA Asia Pacific, scuppering a joint bid from Australian wealth manager AMP and AXA, which partly owns the subsidiary.

The £7.1 billion bid from National Australia Bank has now been accepted by the independent directors of the AXA Asia Pacific, which operates in Australia, New Zealand and emerging Asia and is partly owned by the French insurer.

NAB has gazumped the £7 billion joint bid from AXA and AMP. The original plan for AXA to buy the high-growth Asia businesses remains unchanged.

AXA Asia-Pacific is an insurance and wealth management business, which includes national advice firm Ipac. AXA recently brought Ipac founder Suvan de Soysa to the UK to become managing director of private clients at Bluefin.

‘The acquisition of AXA Asia-Pacific’s Australian and New Zealand business would be a transformational step in our journey to deliver the best possible wealth products and services to our clients and advisers,’ said Steve Tucker, NAB group chief executive.

‘The proposal will significantly grow our number of aligned advisers as well as enhance our relationships in the external financial adviser market and we are committed to supporting them with quality insurance and investment products.’

National Australia Bank also outbid AMP earlier this year in the £452 million takeover of Aviva's Australian life and wealth management business in June.