The New Zealand Commerce Commission has granted clearance over AMP on its bid for AXA Asia Pacific on Monday.

AMP released a statement to the Australian Securities Exchange (ASX) today that it has receievd clearance from the New Zealand regulator and said that a merger between the Australian Mutual Provident Society (AMP) and AXA AP's Australian and New Zealand firms will “create a fifth pillar in the critically important financial services sector.”

Also in the statement, the merger will provide a stronger wealth manager to better serve the Australian and New Zealand communities.

The New Zealand Commerce Commissions's decision came after it was satisfied that the proposed acquisition will not have a negative effect of the competion in any affected markets in New Zealand.

On the other hand, the National Australian Bank is currently negotiating with the Australian Competition and Consumer Commission (ACCC) to seek approval on its takeover bid with the AXA APH.

"NAB continues to pursue its options in relation to the ACCC objections to the proposal,” the company said in a statement.

The takeover target with an $11.5 acquisition agreement is scheduled to July 15, giving NAB time to overcome any obstacles to close the five month battle.

An analyst of Arnhem Investment Management said that the extension will give NAB time to finalize the sale of assets to seek an approval with the ACCC.