A tug of war between two financial powerhouses over the Australian and New Zealand assets of Axa Asia Pacific Holdings (Axa APH) is over, with National Australia Bank’s (NAB) two-pronged deal emerging triumphant.

NAB, which began official negotiations with Paris-based parent company Axa SA in December, announced late last month a $14 billion deal to acquire Axa APH had been clinched.

The bank plans to sell the Asian business back to Axa SA for $9.4 billion, keeping the Australian and NZ arms for $4.6 billion. Axa APH will then own financial services businesses ipac, Genesys, MLC and Charter Financial Planning.

Meanwhile, NAB’s proposal will be put to Axa APH shareholders and must also pass the scrutiny of the Australian Competition and Consumer Commission.

NAB is also reportedly shopping for a slice of the Royal Bank of Scotland’s branch network. It has been named as one of five potential buyers for the 318-branch divestment.

NAB CEO Cameron Clyne says MLC and Axa’s operations in Australia and NZ “are among the most trusted financial services brands in Australasia and collectively hold more than $146 billion in funds under administration and management”.

The deal trumps a similar AMP offer. Axa APH shareholders now have until July 31 to agree on the deal.