ANZ to rebrand wealth management unit

Sources said moniker “OneWealth” will be used to refer to its US$45 billion business.

The bank is required to drop the "ING Australia" brand by the end of August under the terms of its buyout deal negotiated with ING Group last September.

An announcement is expected next month, with the group now in the final stages of evaluating a range of rebranding options that exclude reference to the "ANZ" master brand.

A source within ING Australia Feb 22 told BusinessDaily that the bank was most likely to rename the business 'OneWealth'.

The source said ANZ's head of retail financial services, Phil Chronican, was keen to establish a unique brand for the wealth management subsidiary to distinguish it from the bank.

"He's very sympathetic to ING financial advisers and marketing staff who are nervous about any move to a banking brand," the source said.

"He doesn't want to alienate them by imposing the ANZ name on the business."

View the full story in the Herald Sun.