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ANZ National Bank last night confirmed the worst-keep secret of the day: Its two bank brands will become ANZ Bank New Zealand.
Chief executive David Hisco has confirmed the change, just approved by the bank’s board.
He says no frontline jobs will be lost as a result of the change.
But the fixed term's of some of the bank's 200 technology contractors could come to an end as the project winds up.
The bank will now spend close to $100 million on the rebrand and to open new branches or upgrade existing ones over the next two years.
Most of that cost would be realised in the bank's 2012 result.
ANZ Bank New Zealand will hand back the National Bank’s black horse and green colour brand to British bank Lloyds TSB when the licence expires in 2014.
“This is about making ANZ an even stronger and more competitive bank for New Zealand,” Mr Hisco says.
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.”
Dumping the National Bank brand will see the group’s total branches reduce to 280 from 300 in New Zealand.
The banks’ two million customers combined should not notice too much difference.
“They will be talking to someone in a blue shirt rather than a green one.”
The lender has referred to the brand change as the NZ Simplification project.
ANZ will adopt National Bank's technology system and the majority of its products. Steps had already been taken to move toward one set of products and a shared technology system, Mr Hisco says.
There would be more savings to come in the future from eliminating duplicated information technology costs, ANZ said in a statement.