Thursday, April 17, 2008

ANZ Bank outsourcing work to India

I had already decided to stop putting my money into long-term investments at the ANZ Bank when the news broke today that ANZ National Bank plans to shift up to 5 percent of its processing and operational work to India by the end of 2009.

"We are proposing to move around 1 percent of our New Zealand [processing and operational] work to ANZ Bangalore this calendar year, and up to 5 percent by the end of 2009," ANZ said.

At present, I have $76,000 in long-term deposits at the ANZ. Later this year, I will round that figure up to $80,000, and then start putting my surplus cash into New Zealand-owned KiwiBank.

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