Australian wealth manager AMP Ltd has formalized its position following the end of the exclusive deal with French insurer AXA SA for a joint $11 billion buy of AXA Asia Pacific Holdings, paving the way for rival bidder National Australia Bank to start talks with the French.

The official confirmation of the end of the exclusivity period has emerged at the same time as National Australia Bank senior executives have flown to Europe in an effort to nail down the banking group’s bid for AXA Asia Pacific.

Also a media report on Monday reported that NAB CEO Cameron Clyne has led a team to France to initiate talks with AXA to proceed with its $11.5 billion proposal that has already won approval from the independent directors of AXA Asia Pacific.

"As the agreement has terminated, AXA SA is no longer an associate of AMP and therefore AMP is no longer a substantial holder in AXA Asia Pacific Holdings Ltd", AMP said in a statement on Monday.

The competition watchdog is speculated to extend its findings on AMP/AXA SA's bid on Feb. 10 and NAB's offer on March 18.

A recent report published in Money Management claimed that the extent to which recent consolidation in the financial services sector has granted the four major banks an edge in the market.