Thursday 5th August 2010 1 Comment
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Australia and New Zealand Bank Group will drop use of the ING brand from November and rename its funds management and life insurance businesses OnePath.
The change follows ANZ's move to full ownership of its joint ventures with ING Group last November and the creation of a new organisational structure for the lender’s Wealth group in Australia and New Zealand.
“ANZ has a clear aspiration to grow more aggressively in the large and rapidly expanding wealth market,” said Philip Chronican, Australia chief executive at ANZ.
After the ownership change last November, ANZ is “putting in place the building blocks to deliver more distinctive and integrated propositions to our customers and to support growth in our Wealth business”.
The new Wealth group includes the lender’s existing ING Australia business, E*Trade, ANZ Private Bank and ANZ-branded investment lending and financial planning.
ANZ will publicly launch the OnePath brand later this year.
Shares of ANZ rose 0.7% to $28.95 on the NZX today and have gained 14% in the past month.
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