Life insurer ING Asigurari de Viata, which accounts for over a third of the local market, will change its name to NN Asigurari de Viata in April, after global finance company ING Insurance announced last year its plans to rebrand as `NN`in 2015.

Private pension administrator ING Pensii will become NN Pensii, and ING Investment Management will change its name to NN Investment Partners.

"The rebranding process involves the name and visual identity change, without changes in strategy, management team and employees or the contractual relationship with customers. The change does not relate to the banking operations, ING Bank keeping its name," according to a statement released by ING Asigurari de Viata, cited by local Mediafax.

The total cost of the rebranding process will be about EUR 10 million, according to ING representatives.

ING Asigurari has been present on the Romanian market since 1997 and has a market share of about 38% of the life insurance market, of nearly EUR 444 million per year.

editor@romania-insider.com