National Australia Bank (NAB) has sold its shareholdings in Axa Asia Pacific Holdings (Axa APH) after the Australian Competition and Consumer Commission (ACCC) again blocked the takeover.

The bank sold its shareholding, held by various NAB entities, on the day it terminated discussions with Axa.

NAB Group CEO Cameron Clyne says the bank is disappointed with the ACCC’s decision, but it remains a serious competitor in wealth management with MLC.

“NAB remains very committed to anticipating in the wealth management industry which is very important part of the bank’s future,” he said.

“However, considering all the options, continuing with this agreement is not in the best interests of shareholders.”   

Axa APH Chairman Rick Allert says his company’s senior managers have remained focused on the business despite the lengthy takeover discussions. “The directors remain very confident about the future.”

AMP, which initiated the takeover frenzy late last year with its original bid for Axa APH, has remained quiet regarding any new moves on the financial services company.

While Axa APH’s share price has fallen dramatically since NAB dropped its bid, down 75 cents on the day, AMP could face difficulties convincing Paris-based Axa SA that a new offer would deliver value due to the strong Australian dollar against the euro.

Meanwhile, Axa APH has launched a national advertising campaign promoting its North platform – one of the ACCC’s main stated concerns – as an investment product with guaranteed returns that “a bank wasn’t allowed to nab”.