Approval of National Australia Bank's $14bn takeover of AXA Asia Pacific persists to be a skeptical issue for CREDIT Suisse, who still remains unconvinced about the same.

A dialogue with the Australian Competition, Consumer Commission and "interested third parties" over the impending sale of AXA APH's North investment platform, was confirmed by the NAB last week.

Despite having no guarantee the divestment would placate the controller, the bank anticipates the sale would assuage the ACCC's concerns the bank would dictate the trade investment platform souk.

The NAB has been conferring with the wealth management assembly IOOF, Bendigo and Adelaide Bank, unending to vend the proposal, which is estimated to be cut-rate to magnetize a purchaser.

The sale and leaseback arrangement is likely to make the NAB, the prevalent client of the buyer, which would give it a latent unwarranted sway over its pricing, say the analysts.

"We think that the ACCC will -- rightly so -- come under a lot of pressure for allowing the transaction to go through under such a scenario. Finally, we urge investors not to forget that even if NAB manages to convince the ACCC, it still needs to get Treasury approval which is nowhere near a foregone conclusion in our view", the analysts said.

The probability has been increasing say the bankers who feel that the NAB will have to spectacularly elevate the planned $1.5bn capital rising to subsidize the AXA APH transaction.

NAB will shell out $4.6bn for the Australian possessions of AXA APH and trade the Asian resources to AXA APH's parent AXA for more than $9bn.