ANZ National Bank CEO David Hisco said The National Bank brand would progressively be phased out over about two years from around the end of October. The company’s legal name would become ANZ Bank New Zealand Ltd.
“ANZ bought The National Bank in 2003 and after almost ten years of reducing duplication, the next logical step is to combine them into one,” Mr Hisco said.
“In recent years we’ve made things simpler for customers by creating one management structure across both banks, one customer approvals process and, very soon, we’ll be moving to one set of products and The National Bank’s technology system.
“The black horse and green colour branding of The National Bank are licensed from British bank Lloyds TSB, and that licence expires in 2014. So it makes sense to change to ANZ, the brand used in 32 markets around the world.
“All our frontline staff will continue to be part of the new ANZ – there will be no frontline job losses as a result of the brand change. The National Bank’s sponsorships and community commitments will continue under the ANZ brand.
“Customers will still be able to see the same people they’ve always dealt with in the same communities we’re in now. For most National Bank customers, it will be business as usual – they will see the same people, just wearing a different uniform.
“At the moment we have about 300 branches nationwide and over the next two years as we combine some of our adjacent branches, we’ll end up with about 280 full-service branches, still the most by far of any bank.
“This will see us investing $100 million in the next two years to ensure we have a well positioned and attractive branch network for customers in current and new communities.