Banking giant ANZ has unveiled a new brand for its life insurance and specialist funds business, adopting the name OnePath to replace ING in Australia and NZ.

The rebranding exercise follows the move to attain full ownership of the ANZ-ING joint ventures in November last year.

ANZ CEO Australia Philip Chronican says it is important to position the businesses “as specialists with capabilities that support the particular needs of customers and intermediaries”.

The banking group is aiming for aggressive growth in the wealth market, including growing its share of the independent financial advisory sector.

ANZ says the brand OnePath was chosen to reflect “a different path for each and every one of us”, promising a “refreshing approach to delivering investment, superannuation, insurance and advice solutions with a clear connection to ANZ”.

The new brand was unveiled to existing intermediaries and customers last week ahead of a public launch of OnePath later this year.

Under a transitional services agreement with ING Group, ANZ retains the licence to use the ING brand until November.