Wellington, Aug 5 NZPA - ANZ is rebranding its ING life insurance and fund management business to OnePath after buying out ING Group.

"OnePath will be New Zealand's largest manager of retail investment funds including KiwiSaver and will hold a leading position in the insurance, wholesale investment and listed property markets," ANZ New Zealand chief executive Jenny Fagg said.

Today's announcement is the first step in a communications programme ahead of a public launch of the brand later this year.

ANZ moved to full ownership of the ANZ-ING joint-venture in November 2009. Under a transitional services agreement with ING Group, ANZ has the licence to use the ING brand until November.

ANZ earlier settled a dispute with the Commerce Commission without admitting liability relating to the promotion of two ING funds which were frozen. It also made a compensation offer to investors.

The funds collected some $700 million from about 14,000 investors before being frozen in March 2008

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