ING name change as parent ANZ seeks growth after frozen funds woes

ANZ says it's changing the name and brand of its funds management and life insurance business ING to OnePath.

The move comes in the wake of the damaging ING frozen funds case which saw ANZ cough up NZ$45 million in a settlement with the Commerce Commission.

The name change will take effect in both New Zealand and Australia.

Read ANZ's announcement below:

ANZ today announced that OnePath™ would replace ING as the name and brand for its specialist funds management and life insurance businesses in Australia and New Zealand.

ANZ CEO Australia Philip Chronican said: “ANZ has a clear aspiration to grow more aggressively in the large and rapidly expanding wealth market.

“Following the move to full ownership of the ANZ-ING joint ventures in November 2009, we are now putting in place the building blocks to deliver more distinctive and integrated propositions to our customers and to support the growth of our Wealth businesses.

“The integration of ING Australia is progressing well and we’ve established a new organisational structure for our Wealth group that provides better coordination of our wealth offerings. This includes the existing ING Australia business, E*TRADE and the ANZ-branded businesses in Investment Lending, Financial Planning and ANZ Private Bank.

“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.

“It also gives us greater flexibility to pursue growth opportunities as part of our super regional strategy. Deepening relationships with existing ANZ customers is a clear opportunity for us. This includes continuing our long standing commitment and relationship with professional financial advisers as we seek to grow our share of the IFA market,” Mr Chronican said.

ANZ Group Managing Director Strategy, M&A, Marketing and Innovation, Joyce Phillips said: “OnePath is a contemporary, positive brand which brings alive our promise to customers. The name reflects our role as an organisation helping people to shape and protect the quality of their lives, recognising that there is a different path for each and every one of us.

“OnePath will bring a refreshing approach to delivering investment, superannuation, insurance and advice solutions with a clear connection to ANZ that communicates the strength and backing of the ANZ Group,” Ms Phillips said.

Today’s announcement is the first step in a communications program targeting existing intermediaries and customers ahead of a public launch of the OnePath brand later this year. Under a transitional services agreement with ING Group, ANZ has the licence to use the ING brand until November 2010.

• The OnePath name, visual identity and brand proposition was developed by ANZ with the assistance of FutureBrand, a specialist global brand consultancy and drawing on extensive internal and external research.

• The OnePath brandmark is made up of a warm and approachable wordmark and symbol. The symbol is a stylised depiction of a path. It is designed to give a sense of direction and moving forward which is central to the promise to customers.