The National Australia Bank scrapped the idea of selling its Aviva wealth management business which was acquired ten months ago, as it still has unfinished business on the AXA Asia Pacific takeover bid.

According to a memo written by NAB wealth business chief executive Steve Tucker, it addressed its financial planners that it would not put its Aviva business into the market to relieve the competition regulator's concerns.

"I want to assure you that we are . . . committed to Aviva's products and platforms, particularly the Navigator platform," Mr. Tucker stated in a letter. "Navigator's recent success in being named the best platform for overall functionality . . . is testament to the regard the product has in the industry."

The said memo, acquired by The Australian, also mentions the bank's next movements and options once the Australian Competition & Consumer Commission decides to rule block NAB's bid for APH.

Mr. Tucker also said in the memo that ACCC's rejection of the bid concerning the NAB-AXA AP partnership will limit competition in the retail investment market, and that is not a good assessment at all.

Chief executive Cameron Clyne of NAB said it remained in talks with its advisers yesterday on the AXA AP deal.

Meanwhile, AMP Limited will look forward to talks with AXA's French parent AXA SA on a potential bid. Investors will be expected to disburse between $6.43 and $6.50.

It is said that AMP has the freedom to have contacts with AXA since the French company has "no talk" clause with NAB unless an approval from the ACCC is given.

Media reports have stated that both AMP and AXA have made continuous talks on its takeover process even if NAB's bid was supported by APH's independent directors.

Peter Vann, a spokesperson of Constellation Capitol who funds APH, predicts that an all-cash offer from AMP will attract the independent directors of APH to negotiate with the rival wealth management group.