ING is embarking on a rebranding voyage. Following an initial public offering, the company will rebrand to Voya Financial.
ING U.S. filed for an initial public offering in November and said last week that it expects to gross some $600 million from the IPO, according to Bloomberg. Morgan Stanley, Goldman Sachs Group and Citigroup are leading the sale. The firm plans to list on the New York Stock Exchange.
“We whittled down over 5,000 names to get to Voya,” Ann Glover, chief marketing officer of ING U.S., tells Money Management Executive. “Early on in the process we solicited input from employees and key business partners which we added to the process. We really like the abstract name, it is ownable, an empty vessel to fill with our values of guiding Americans on their journeys to and through retirement.”
With the change in name also comes a change in logo. The new logo will retain the orange color associated with ING . “We love the optimism and distinctiveness that orange offers. It breaks out from the sea blue that is common among financial services firms,” Glover says.
The operational rebranding process will initialize following the IPO and is expected to take 18-24 months. The company will not use the new name and logo commercially until this is complete.
However, the new name will be reflected in the ticker symbol (VOYA). “What’s very exciting is ticker symbol will be Voya. Through this we are beginning to build the bridge between Voya and ING. We want to transfer the goodness of ING to the Voya brand.” Glover says.
The bridge to the Voya brand is also being built though ING’s current advertising campaign. “Right now we’re running our Orange money campaign,” says Glover.
The campaign places equity in the ING orange though a visual representation of the differences between green money, which is spent and orange money, which is saved. “This is the first step in the rebranding campaign. Down the road these same ads will run with the Voya name,” says Glover