ANZ Banking Group
(ASX:ANZ) has announced it will replace ING, its specialist funds management and life insurance businesses in Australia and New Zealand, to be rebranded as OnePath.
CEO Philip Chronican says the bank has aspirations to grow more aggressively in the wealth market and the rebranding is an important part of the growth strategy.
Following the move to full ownership of the ANZ-ING joint ventures in November of 2009, the bank says OnePath recognises that wealth businesses need to operate as specialists that support customer needs.
Under a transitional agreement with ING Group, ANZ has the licence to use the ING brand until November.
ANZ plans that OnePath will deliver investment superannuation, insurance and advice solutions, the new brand to be launched later this year.
ANZ reported a $2.9 billion profit for the year to 30 September 2009.
