ING to continue post ANZ acquisition
ANZ is aiming for a seamless transition to its full ownership of ING wealth management, leaving existing teams in place.
In documentation accompanying last Friday’s announcement of the banking group’s decision to acquire the remaining 51 per cent of the ING joint venture, ANZ said the current management team and staff would continue to operate the business, with Harry Stout continuing as chief executive of ING Australia, while Helen Group would continue as chief executive in New Zealand.
What is more, there will be no immediate change to branding, with the ING brand remaining in place for up to 12 months while any new branding is determined.
ANZ said it would also continue to use ING Investment Management as its preferred provider of asset management services in the medium term.
Looking over the horizon, ANZ indicated that the acquisition would allow the group to pursue further wealth management opportunities “without the constraints of joint ownership”.
AUTHOR
Mike Taylor
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