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Aviva Insurance seeks ACCC approval for AXA APH

The ACCC has recently agreed to commence market soundings on the enforceable undertakings Aviva Insurance has proposed to gain approval for the acquisition of the Australian and New Zealand businesses of AXA Asia Pacific.

Owned by National Australia Bank (NAB), Aviva’s proposal for AXA APH is still subject to ACCC and other regulatory approvals which will be determined once the market soundings are complete.

The proposed change involves the divestment by AXA APH of its North investment platform business to IOOF. So if approval does go ahead, Aviva would still retain ownership of the existing North products.

If the ACCC accepts Aviva’s undertakings, the final step will be to secure approval from the Treasurer.

Rekated Links: Aviva InsuranceLife Insurance Companies

About Russell Cain

Russell Cain(Can be on found on Google +) is the CEO of xLife Pty Ltd, an award winning life insurance comparison service which incorporates the Life Insurance Direct and xLife brands. He has over 10 years experience in the accounting and finance industry as well as over 15 years experience in running small business. It was in 2005 when running one of these small businesses that xLife first materialised as Russell realised the importance of sound financial advice, high level of customer service and the important of openness and transparency with customers. In his spare time, Russell is an avid property investor and home renovator, enjoys cycling and playing squash and also participates in an entrepreneurial mentoring program where he currently helps mentor small business owners to help achieve their goals.