ANZ To Rebrand ING Joint Venture Fully Acquired Last Year

Australian banking major ANZ is rebranding its ING wealth management and life insurance business as OnePath, the brand name of its own organically built specialist find management and life insurance business.

Phil Chronican of ANZ says the lender is establishing a more diverse set of options for its customers, after buying out joint venture partner ING in November last year.

“We’ve established a new organisational structure for our wealth group that provides better coordination of our wealth offerings,” Mr Chronican said in a statement to the Australian Securities Exchange (ASX).

“The introduction of the OnePath name and brand is another important element in our growth strategy. It recognises that successful wealth businesses need to be positioned and operate as specialists with capabilities that support the particular needs of customers and intermediaries.”

Mr. Chronican added that the rebranding would allow ANZ more flexibility to chase regional growth in markets where ING operates its own operation, and in which ANZ would not be able to use the ING brand.

ANZ which has the license to use the ING brand until November this year said that the OnePath brand would be officially launched later in the year.

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