ANZ Bank begins staged relocation of workers to India

The bank last week discussed the move with workers at if working capital business, spokeswoman Virginia Stracey-Clitherow said in a statement. ANZ National is seeking to relocate 5% of the group's total work to India by the end of 2009.

Some 237 jobs are initially being targeted and the total may be about double that, according to finance workers union Finsec.

ANZ National is a unit of Australia & New Zealand Banking Group, which has about 1,800 workers in Bangalore. It joins National Australia Bank, which this month announced it will outsource 500 jobs to India by year end to cut costs and stay competitive.

By Jonathan Underhill

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