The National Australia Bank (NAB) confirmed on Friday it has plans to sell its adviser network and North investor platform.

It was reported that NAB is currently negotiating with wealth manager IOOF Limited, Bendigo and Adelaide Bank and Perpetual Limited for a possible sale so it can proceed on its $14 billion takeover bid of AXA Asia Pacific Holdings (AXA APH).

NAB is still waiting for the final decision by the Australian Competition and Consumer Commission regarding the said takeover.

Mark Joiner, NAB's chief financial officer, said the bank is optimistic it may successfully acquire Australia and New Zealand businesses of AXA APH, despite concerns raised by the ACCC.

A NAB representative told reporters today the bank is still contemplating on divestment to please the ACCC.

“However, at this stage there is no assurance that such a possible divestment will occur or that it will address the concerns raised by the ACCC,” an NAB representative said.

AXA's North platform is an internet portal binding financial advisers and products with the wealth manager.

AMP Limited, a rival bidder, also confirmed it will not bid for the North platform.

NAB denies pulling out UK operations

Meanwhile, NAB has brushed off claims that it will quit its British operations after pulling out of the auction for 318 Royal Bank of Scotland branches.

Mr Joiner said the bank would retain its British presence.

“We actually feel quite good about our franchise there -- there has been a lot of investment in the last few years and it has made enormous reputational gains because it's the only bank in Scotland that didn't go broke."