National Australia Bank (NAB) remains in the driver’s seat to acquire the Australian and NZ assets of French insurer Axa after securing an extension to an exclusivity agreement.

NAB is exploring how the concerns of Australian Competition and Consumer Commission (ACCC) Chairman Graeme Samuel can be addressed.

Mr Samuel rejected NAB’s $13.3 billion proposal in April on the grounds it would result in “a substantial lessening of competition in the market for retail investment platforms for investors with complex investment needs”.

Observers have suggested NAB could sell off Axa Asia Pacific Holdings’ (Axa APH) North investment platform to ease fears the deal would be anti-competitive. The bank is understood to have already signed confidentiality agreements with wealth manager IOOF and Perpetual as well as the Bendigo and Adelaide Bank to carry out due diligence on the North platform.

NAB and the independent directors of Axa APH now have until July 15 to seal a new deal. Their “framework deed” prevents either party terminating the deed for failure to obtain competitive clearance until midnight on July 15.

The new agreement is a setback for rival suitor AMP, which was cleared by the ACCC to acquire Axa APH but was rejected by the Axa APH board.

AMP has declined to comment publicly on the new exclusivity arrangement.