National Australia Bank (NAB) is seeking a second extension to its exclusivity agreement over the purchase of the local units of Axa Asia Pacific Holdings (Axa APH).

Reports say the bank is running out of time to finalise a deal by the July 15 deadline. It is trying to devise an arrangement that would allow it to satisfy the Australian Competition and Consumer Commission (ACCC) and proceed with its $13.3 billion acquisition of the French insurer’s Australian and NZ assets.

The commission knocked back NAB’s original proposal on the grounds that it would result in “a substantial lessening of competition in the market for retail investment platforms for investors with complex investment needs”.

The NAB has since floated the idea of selling Axa APH’s North investment platform. But ACCC Chairman Graeme Samuel says the platform can’t simply be offloaded and must be sold to a party that can provide “real competition”.

NAB, Axa and investment manager IOOF are understood to be locked in three-way discussions, whereby IOOF would purchase the North platform to alleviate the ACCC’s concerns.