28 Sep 2009

Investor group wants meeting with ANZ over plans for ING

9:06 am on 28 September 2009

A group representing disgruntled investors in the Dutch-based financial services company ING, wants a meeting with ANZ National about the bank's purchase of ING's operations in Australasia.

Subject to regulatory approval, ANZ will pay $NZ2.2 billion for ING's wealth management and life insurance joint ventures.

ANZ already owns 49% of the company's Australasian operations.

The deal will make ANZ the No 1 provider of Kiwisaver in New Zealand, with a 23% market share, and the second largest manager of retail and wholesale managed funds.

The National Frozen Funds Group represents 13,700 investors in ING's two frozen funds.

It says 2700 of these customers were referred to the funds by ANZ, so investors are feeling nervous about the bank as well as ING.

The group claims customers will be sold to ANZ without consultation.

In a statement, ANZ says the move won't disrupt customers or employees, whom the bank says will benefit from greater stability.