(by Mark Riley)

The fifth-largest bank by assets for the UK Lloyds TSB Group Plc said it would move around 1,000 jobs to Asia to reduce costs.

The company’s spokeswoman said Lloyds may have as many as 2,500 workers placed in Asia. It employs about 1,300 people in India already. ``Our existing operations in India have proved to be very successful.

We’ve been preparing plans with staff to have an extra 1,000 jobs in India by the end of 2005,’’ said Amy Davies, a spokeswoman for the bank.

Such move has already helped many companies to save $350 billion, data shows, as the employees in the developing countries get ten-fold smaller salary.

Lloyds’ workers facing the transfer are expected to be offered other positions at the company, the bank said.