National Australia Bank Ltd. (NAB.AU) said Tuesday it has terminated its A$13.3 billion agreement to take over AXA Asia Pacific Holdings Ltd. (AXA.AU) after the Australian competition regulator last week said it will block the deal on competition concerns.

"Although we are disappointed with the decision of the ACCC (Australian Competition and Consumer Commission), we have a strong position through MLC and NAB's other wealth management businesses," the bank's chief executive, Cameron Clyne, said in a statement.

"NAB remains very committed to participating in the wealth management industry which is an important part of the bank's future. However, considering all the options, continuing with this agreement is not in the best interests of shareholders," he said in the brief statement.

-By Lyndal McFarland, Dow Jones Newswires; 61-3-9292-2093; lyndal.mcfarland@dowjones.com
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