The Australia and New Zealand Banking Group Ltd announced on Tuesday a new investment plan totaling 2 billion yuan ($317 million) in China while cutting jobs and costs in its domestic market.

The third-largest bank by market value in Australia plans to invest in its locally incorporated subsidiary in China, which was set up in 2010.

Subject to regulatory approvals, the additional capital is the first since an initial investment of 2.5 billion yuan, bringing ANZ China's registered capital to 4.5 billion yuan.