Australian banks eye India for back-office jobs

Australian banks eye India for back-office jobs

Wednesday, 27 December 2006, 06:00 Hrs
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Sydney: Major Australian banks are gradually transferring their back-office jobs to low-cost countries like India.

Banking giants ANZ and St George are vigorously in favor of the idea, saying that acting upon plans to switch back-office work overseas might be necessary to remain competitive.

ANZ has already marked its biggest presence in Bangalore where it has a long-established IT center employing about 1,400 people, according to the Sydney Morning Herald.

Unlike some of its Australian rivals, which have outsourced their work to third parties, ANZ's Bangalore business is a wholly owned subsidiary.

Banks like St George, National Australia Bank and Westpac have been sensitive to campaigns being waged by the country's finance sector union against off shoring by committing to keep their call centers in the country.

But the truth is, soon several hundred jobs across the banking industry, will be based outside Australia.
Source: IANS
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