The ANZ National Bank has announced its decision to phase out its black horse brand over the coming two years.

The process of phasing out the brand will begin sometimes in October this year. Senior officiasl at the bank have clarified that the change is little more than “a colour change” and that it will have very limited impact on eh customers.

ANZ chief David Hisco said that the customers have no reason to be anxious over the change in the brand. He said that customers often face difficulties in changing banks because the new banks are not aware of their financial histories.

“All your history will be staying with us and that is good when it comes to applying for a loan. That's why switching banks is not always a wise move because the new bank doesn't know your history,” he said.

He also said that the customers with long-term mortgage and term deposits will be shifted to ANZ. National's Gold Visa customers will have the option to either get cash back rewards or ANZ Airpoints and National customers will now be allowed to invest in bonus bonds. The National Bank Kiwisaver scheme will remain as it was earlier.

Hisco said that the new arrangement offers the best of both the banks to the customers. He pointed out that the bank will also make cost savings by moving to the same technology system.