The Royal Bank of Scotland is to move 443 jobs to India.
According to the BBC, the jobs are within the state-owned lender's small business loans department.
The move is part of RBS's overall drive to cut costs. The bank stressed the final decision to grant loans would ultimately lie with UK staff.
However, the bank's small business customers were concerned by the development.
'Many small business customers with RBS will be extremely concerned at the idea of local expert staff being sent packing and their roles outsourced to call centres halfway round the world,' Mike Cherry, chairman of the Federal of Small Businesses told the BBC.
The Unite union was also less than impressed with the news.
'By shipping these jobs to India, RBS will be getting that work done more cheaply at the cost of jobs and livelihoods here in the UK,' a Unite spokesperson said.