The new venture, to be known as ING Australia Ltd, will have $20bn under management and administration and will rank in the top five in life insurance risk in Australia.
The new business will be 51% owned by ING, with the remainder of the shares owned by the Australian bank.
It will commence trading in Australia and New Zealand on May 1st.
ANZ And ING Join Forces
ANZ is Australia's fourth ranked bank and it has now formed a $2bn funds and life insurance joint venture with giant Dutch financial services group ING.
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