National Australia Bank Limited - proposed acquisition of Aviva Australia Holdings Limited

Summary

National Australia Bank proposed to acquire 100% of the shares in Aviva Australia Holdings Ltd.

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.