AMP is asking for Commerce Commission consent to purchase competitor Wealth Protection and Management Company, AXA Asia Pacific after the offer by opponent National Australia Bank was declined by Australian watchdogs, last month.

Last night, the Commerce Commission said that it had got an application from AMP Limited asking for approval to buy the Australian and New Zealand assets and business of AXA Asia Pacific Holdings Limited.

AMP has already gained approval from the Australian rival controller the ACCC that rejected National Australia Bank's A$13.3 billion offer for the reasons that it would decrease rivalry in the market.

In New Zealand, AXA and AMP both offer superannuation, investment, life insurance and fiscal planning products and services.

AMP Limited is listed both on the Australian and New Zealand stock exchanges.

AXA Asia Pacific Holdings Limited is on the Australian Stock Exchange and runs throughout Asia Pacific as well as New Zealand and Australia. It is 54% held by international holding company AXA S. A., with the balance of shares owned by public shareholders.

The Commerce Commission said that in deeming the application its job is to find out whether the acquirement has the outcome of considerably decreasing competition in a market.