National Australia Bank (NAB) is one of Australia’s big four banks, with divisions spanning retail and business banking, wealth management, capital markets and institutional banking.
NAB’s businesses span across the globe, with operations in the US (Great Western Bank), the UK (Clydesdale and Yorkshire Bank), and New Zealand (BNZ).
Given NAB’s stature, it is also widely considered one of the blue chip stocks in the Australian share market.
NAB surprised the market in late 2009 by making a play for AXA Asia Pacific for a consideration of $4.6 billion, or $6.43 per share.
Recently, however, NAB terminated its bid for the wealth manager.
The announcement followed last week’s decision by the ACCC to block NAB’s bid on competition grounds.
The move now opens the door for AMP Ltd (AMP) to make another play for AXA.
The market gave its tick of approval to the decision, with NAB shares jumping 2.9% following its announcement.