OnePath will be the new name for ANZ Banking Corp Ltd.’s ING i. e., specialist funds management and life insurance business in Australia and New Zealand. According to the ANZ Chief Executive, Philip Chronican, this move is needed for coming up with more distinctive options for customers after complete ownership of the ANZ and Dutch-owned ING wealth joint ventures in the month of November 2009.

Addressing the Australian Securities Exchange (ASX), Mr. Chronican shared that a fresh organizational structure has been set up for the wealth group for offering better coordination of wealth offerings of the banking group. Against
0.6% rise in the benchmark index, the shares in ANZ concluded at 0.47% to $23.25.

ANZ Chief Executive for Australia Philip Chronican opined that the growth of ANZ is going to be aggressive and noticeable in the peaking wealth market.

He also said that “OnePath name and brand” is an addition to the growth strategy of the group and that it reflects the need of putting in place a virtuous business for maintaining and checking on the customers and intermediaries.

This renaming and rebranding is expected to make ANZ flexible for making most out of the regional growth. The formal launch of OnePath has been scheduled later this year and the license for using ING brand expires after November 2010.