Australian ANZ Bank on Monday denied reports of shifting 500 jobs to India, stating it does not expect to make any 'material' cut in employment in 2009, including jobs in Australia.

"Despite the economic slowdown, ANZ's business is continuing to grow, and the bank does not expect material reductions in employment in 2009," ANZ said in a statement.

An ANZ spokesperson said this applied to ANZ's overall employment levels and to levels specifically within Australia.

Last week, reports said that ANZ was offshoring its back-office operations in Melbourne to India by the end of the year.

The bank on Monday said that it had not announced job losses in Australia related to 'offshoring'. "Nor, the bank is expecting to do so in future," the spokesperson said.

The spokesperson said the nature of some people's jobs may change but they were mostly expected to be redeployed within the group.

ANZ has a technology centre in Bangalore, India, that employs 3,000 people.

The bank said the growth of the Bangalore facility had not meant fewer overall jobs in Australia.