Australian Competition and Consumer Commission (ACCC) Chairman Graeme Samuel has distanced himself from the NAB/Axa merger consultations.

Mr Samuel last week cited a conflict of interest as his reason for removing himself from commission’s decision on the merger. The problem has arisen because of a major investment he holds in retailer Direct Factory Outlets (DFO) through his family’s blind trust.

The retailer has struck an agreement with its bankers – NAB, Suncorp, St George and Lloyds TSB – to renegotiate its loans, which have been estimated at almost $1 billion.

Mr Samuel’s investment is in DFO’s holding company Austexx. This company has given cross-collateral banking agreements involving the funding of DFO’s new Melbourne Docklands outlet, which is unfinished.

The ACCC has contacted both NAB and Axa about Mr Samuel’s involvement in the decision on the merger, which is expected to be handed down by September 9.

Neither said they had any problems, but he still decided to remove himself and the decision-making process will now be handled by ACCC Deputy Chairman Peter Kell.