One of ANZ's most Senior Executives revealed that banks are financially armed to invest in costly platforms; hence they can play a larger role in the nation's wealth management sector.

Phil Chronican, the bank's Australian Chief Executive shared that he was mainly anxious to see opponents, who had strong management. Whether to allow the $13.3 billion union of National Australia Bank and the wealth Manager Axa Asia-Pacific is being considered by the Australian Competition and Consumer Commission.

Mr. Chronican said, "We're always concerned when people manage their business well rather than how big they get".

He did not see mergers and acquisitions as a source of threat. Details of plans were given by ANZ to relaunch its funds management as well as life insurance businesses, under the name ''OnePath''. The brand will be launched in this year, swapping ING in Australia and New Zealand.

ANZ purchased the Dutch-owned ING Group from their wealth joint venture, last year, for which it paid $1.8 billion to ING for its 51% stake.

ANZ has a license to use the ING brand only till November, under a transitional agreement with ING Group. The wealth market has been described as competitive, by Mr. Chronican.