ANZ combines wealth businesses
(6 August 2010−Australia) Australia and New Zealand Banking Group have combined all of the bank’s separate financial planning businesses including the ING brand into one division, as the bank diversifies its strategy.
The new wealth business OnePath is a combination of ING Australia, Etrade, investment lending, margin lending, financial planning and ANZ Private Bank.
Phil Chronican, ANZ's Australian chief executive, said the bank was keen to increase its share of the wealth management market.
The bank believes that the wealth segment is a very important part of the Australian financial services landscape, Mr Chronican added.
The bank’s head also said that he appreciates ANZ is been relatively underweight compared to its peers in the wealth management sector.
With traditional banking products, there's a lot of pressure with the competitive environment, the fees, the cost of funds and the general decline in credit growth, Mr Chronican highlighted.
Mr Chronican said that wealth is an important part of the landscape and the major banks were becoming increasingly focusing on the wealth businesses because they did not rely on wholesale funding.
The business will be headed by John Van Der Wielen, who will join ANZ from Lloyds.
Phil Chronican, ANZ's Australian chief executive, said the bank was keen to increase its share of the wealth management market.
The bank believes that the wealth segment is a very important part of the Australian financial services landscape, Mr Chronican added.
The bank’s head also said that he appreciates ANZ is been relatively underweight compared to its peers in the wealth management sector.
With traditional banking products, there's a lot of pressure with the competitive environment, the fees, the cost of funds and the general decline in credit growth, Mr Chronican highlighted.
Mr Chronican said that wealth is an important part of the landscape and the major banks were becoming increasingly focusing on the wealth businesses because they did not rely on wholesale funding.
The business will be headed by John Van Der Wielen, who will join ANZ from Lloyds.
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