Wellington, Dec 1 NZPA - ANZ National Bank now has full ownership of ING NZ.
In September ANZ announced it would be acquiring ING Group's 51 percent shareholding in ING New Zealand and ING Australia on top of the 49 percent it already owned.
Following completion of the transaction today ANZ National Bank said, in an announcement to the stock exchange, it would take full ownership of ING NZ's listed property trust management companies, as well as ING NZ's funds management (including investment management) and insurance businesses.
No changes were expected to be made to the management of the trust and it would continue to trade as a listed entity on the New Zealand stock exchange.
ING-appointed director David McClatchy stepped down as a result of the change of ownership.
The combined funds under management for ANZ National and ING NZ will be about $12 billion.
ING Group is allowing use of the ING brand for up to 12 months.
Compare Credit Cards - Independent interest rate and fees comparisons for New Zealand banks.