National Australia Bank Limited - proposed acquisition of Aviva Australia Holdings Limited
Type of assessment
Informal Review
Reference
37438
Acquirer(s)
National Australia Bank Limited
Target(s)
Aviva Australia Holdings Limited
Industry
Insurance
Summary
National Australia Bank proposed to acquire 100% of the shares in Aviva Australia Holdings Ltd.
Outcome of assessment
Not opposed
Total review days *
22
Commenced public review
29th June 2009
Date completed
28th July 2009
Market definition
The ACCC considered the competitive effects of the proposed acquisition with reference to multiple national markets relating to the areas of overlap between NAB and Aviva. Those areas of overlap were;
- the supply of investment platforms;
- the provision of life insurance;
- the supply of superannuation; and
- financial planning and advisory services.
Competition analysis
The ACCC considered that the proposed acquisition was unlikely to result in a substantial lessening of competition in the relevant markets. Factors informing this conclusion included:
- the presence of a number of competing businesses in all relevant markets;
- the dynamic and growing nature of the markets for the supply of investment platforms and life insurance;
- the presence of external investment and superannuation options in the markets for the supply of investment platforms and superannuation; and
- the presence of a large number of dealer groups and independent financial advisors that will remain unaligned and not under the influence of NAB.
Review timeline
Date
Event
29th June 2009
ACCC commenced review under the Merger Review Process Guidelines.
10th July 2009
Closing date for submissions from interested parties.
29th July 2009
ACCC announced it would not oppose the proposed acquisition.
* Total Review days = Total business days less public holidays and time during which the review was suspended.
