ING Direct announces superannuation product
The online banking arm of Dutch giant ING, ING Direct, is set to enter the Australian superannuation market in the coming months.
The move comes almost three years after ANZ finalised its purchase of the local wealth management arm of the company, ING Australia, for $1.8 billion and renamed it to OnePath.
The sale to ANZ excluded ING Direct, which has retained its branding and continued to operate in the 'branchless', online banking space.
ING Direct chief operating officer Anne Myers said the bank saw a gap in the market where its principles of "value, fairness and online control" could be applied to "complex and little understood" superannuation products.
"Our customers have been asking us if we can do for super what we've done in savings, home loans and transactional banking, so we are developing a retail product that gives customers value and puts their investments back in their control," she said.
The full details of the superannuation product will be available in the third quarter of 2012, according to ING Direct.
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