ANZ Bank has confirmed it will be moving some jobs offshore to India but is unable to confirm numbers.
ANZ spokesman Paul Edwards said the bank currently employs about 650 people in Bangalore and expects to increase this to 1000 over the next 18 months.
He said the bank is planning to shift back-office roles to Bangalore over the next two to three years, but didn't say how many.
But Edwards said there are no plans to shift customer service operations outside of Australia.
"No customer-facing staff will be moved to Bangalore," he said.
However, Edwards said there is likely to be more operations roles in Bangalore over time and fewer operations roles in Australia.
"At the same time, ANZ will be creating new jobs and opportunities in customer-facing areas and this means jobs in Bangalore will rise and jobs in Australia will also rise," he said.
"Any number [of jobs to be moved] at this point is pure speculation. We hope to minimize job losses."
The bank has had an external hiring freeze in place for the past month and Edwards said this was likely to continue while the transformation process was under way.
This is the first time ANZ has looked to shift jobs outside of software development offshore as part of its transformation agenda.