ANZ to commence ING rebranding

ANZ Banking Group Ltd has announced it will be commencing a new and separate brand identity for its $50 billion wealth management business ING Australia, The Herald Sun reported.

The lender undertook the rebranding process due to requirements to drop the ING brand by the end of August, under the terms of its buy-out deal negotiated with ING Group last September.

ANZ Banking Group is expected to announce the new branding next month, and it was determined that ANZ's specialist wealth businesses will be best positioned for success with their own distinct brand identity, name and logo to distinguish it from the bank.

In an interview with The Herald Sun, ANZ's head of financial services Phil Chronican would not reveal details of the preferred new name for the business, but said the bank would consider the interests of independent financial advisers in the rebranding decision.

However a source within ING Australia told the newspaper that one of the front-runners of possible new names for the business was OneWealth, although a number of options which exclude reference to the ANZ master brand are being considered.

Last year, the Dutch based ING Group sold its 51 per cent shareholding in ING Australia insurance and retail wealth management to ANZ, which had held 49 per cent for seven years.

ING Australia operates an investment management platform known as OneAnswer as well as marketing life insurance and income protection insurance under the OneCare brand.

Source: Herald Sun, February 2010

April 2010