ANZ New Zealand is investing around NZ$220 million to put its business on to a single technology platform and restructure its management system.
The bank says it will shut down the ANZ tech platform and shift that part of the business to a Systematics core system used by National Bank, which it acquired from Lloyds TSB in 2003.
This move, combined with a management shake-up that will see 45 staff laid off, will cost around $160 million in operating expense and $60 million in capital expenses.