ANZ profile

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ANZ profile

Australia and New Zealand Banking Group Limited (ANZ) is one of Australia's leading banking and financial services groups. ANZ offers a full range of financial products and services in Australia and New Zealand and has overseas representation predominantly in greater Asia. With total assets of AUD 180 billion, ANZ is one of the world's 100 largest banks. In Australia and New Zealand, ANZ provides a full range of banking services including residential and investment mortgage lending, deposit taking, credit cards, electronic banking including Internet Banking, overdrafts, term loans, trade finance and commercial bill acceptances.

ANZ Information Technology is a subsidiary of the ANZ Bank. Based in Bangalore, it was established in 1990 as part of the Government of India requirement that all foreign companies ‘put something back into the Indian economy’. It was never part of the ANZ-Grindlays establishment, so remained with the ANZ after Grindlays was sold a year ago. Having grown rapidly during the last two years, the total value to the ANZ of the subsidiary in Bangalore is AUD$40 million p.a. in the form of IT solutions which represent the cost saving to ANZ of providing its own software solutions rather than buying from an external source.

The Bangalore facility employs some 350 people working on software solutions for all the banking needs that the ANZ has. ANZ is now exploring the idea of commercialising some of these solutions for other banks in Australia and abroad. Richard Tait, manager of software solutions, notes that the large size and sophisticated IT applications used by ANZ’s banking operations together with the high quality and competitive price of Indian IT professionals explains the success of the Bangalore operation. The ANZ takes special care to nurture its Indian labour force by creating a workplace culture that appeals to the engineering and technical challenges expected by Indian IT workers. The job turnover rate within ANZ Info. Technology is only 11 per cent compared to the average for the IT industry in India that is about 25 percent. Financial incentives alone cannot solve the problem of retaining labour in an Australian firm because the large American companies can easily outbid anything offered.

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