ANZ Pacific has confirmed it is closing its Pacific Reconciliations function located in Suva and moving it to its Group Reconciliations Centre of Excellence (CoE) in Bengaluru from May 2025.
Rabih Yazbek, the Country Head Fiji for ANZ Bank said none of the 17 staff members in the Pacific Reconciliation unit will be losing their jobs and those affected will be given other roles within ANZ Pacific Operations and ANZ Fiji.
“ANZ’s aim in the Pacific is to be a well-managed business and reduce non-financial risk.
“In recent years we have been looking at how we take complexity out of our business to simplify, standardise and centralise activities where it makes sense,” said Mr Yazbek.
“Following a comprehensive review, the Pacific Reconciliations function will be transitioned to our Group Reconciliations Centre of Excellence (CoE) in Bengaluru in May 2025.
“This will align ANZ Pacific with other functions of ANZ that currently have their reconciliations done out of the Global COE.”
Mr Yazbek added this decision was taken following a comprehensive review that was aimed at enhancing its operational efficiency and mitigating key financial and non-financial risks associated with manual processing.
“This change will not have any impact on our customers.
“By moving the Pacific Reconciliations function to the Group Reconciliations CoE, we aim to leverage existing frameworks, advanced technology, streamlined processes, and expertise to achieve greater accuracy and efficiency.”
He said the transition will “a difficult time for our team” and that they will be supporting them through these changes.
“We work closely and consult with all staff who may be affected by changes to their roles and, make evert effort to find them other roles within ANZ Pacific Operations and ANZ Fiji.”
Mr Yazbek said while the reconciliation work is moving out, they will bring a lot of new work into their Pacific Operations like Know Your Customer functions, Retail Non-Individual Account Opening and securities management.
