The Minister for Financial Services & Regulation, Joe Hockey, today approved the proposed acquisition of the financial services businesses of Lend Lease, including MLC Holdings Limited, by the National Australia Bank.
The Minister's approval follows advice received by the ACCC, APRA and Treasury in support of the proposed acquisition. The ACCC found that the proposed acquisition was unlikely to lead to a substantial lessening of competition given that NAB is a relatively small player in the relevant product categories which include retail insurance and superannuation products.
"NABs proposed acquisition of Lend Leases' financial services businesses will result in greater operational efficiencies and will allow the NAB to more effectively compete both domestically and internationally in the financial services market. The acquisition will also mean that an Australian company will continue to own MLC".