"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.