Volksbank is scrapping its SNS, RegioBank and BLG Wonen brands and will stick with ASN because it currently has the strongest position, the state-owned banking group said on Monday.

“By bringing our brands together under one strong brand, we can further improve our services and respond more efficiently to our customers’ needs, thus strengthening our position as a sympathetic challenger in the Dutch banking landscape,” said chief executive Roland Boekhout.

The aim of the reorganisation is to prepare the bank, which was nationalised in 2013, for an IPO or takeover. The bank said earlier it will close between 320 and 360 of its 600 bank branches, as part of the overhaul and scrap 700 jobs to save €70 million a year.

The state shareholdings agency NLFI recommended the sale of Volksbank via either an IPO or a takeover in June this year. However, MPs have come out against the plan and want Volksbank to remain in state hands.

The Dutch state owns 100% of Volksbank after nationalising its predecessor SNS Reaal some 11 years ago when it ran into trouble with its property portfolio.

The decision to scrap the other brands means people with an SNS and RegioBank account or a BLG Wonen mortgage will soon see ASN on official communications.

The name change will be completed at the end of next year.