NAB slated after botched AMP raid

NATIONAL Australia Bank chief Frank Cicutto made an approach three months ago for AMP's Australian operations but was rebuffed by AMP chief executive Andrew Mohl.

NAB, which this week lifted its stake in the ailing financial services group to 6% in a botched raid, reportedly wanted to examine the AMP books without making an indicative offer.

Confirming the approach today, Mohl said: 'This was essentially our major competitor asking for full access to AMP's books and key staff to conduct due diligence without even a commitment that it would make an offer.'

The NAB raid has been given the thumbs down by analysts critical of the bank's methods and strategy, although some foresee an eventual offer.

'They could have built pretty much the same stake through stealth, given the high volumes lately, and got the stock at their lower price,' said one Sydney broker. 'Now they've telegraphed their interest to the market and there's a frenzy on.'

NAB tried to buy more than 11% of AMP on Wednesday night, but was able to grab barely 3% of the company.