Australian bank 'shocked' by staff drug trafficking allegations

The ANZ Bank says it is shocked and disappointed at allegations a drug trafficking ring was operating out of its central Melbourne branch.

Fourteen staff members have lost their jobs as an Australian Federal Police (AFP) investigation into the ring enters its third month.

ANZ Bank spokesman Stephen Ries said the company had a "zero tolerance" approach to the matter.

He emphasised the former staff members were under police investigation, not the bank.

"We've been completely shocked by the situation," he told AAP on Friday.

"Everyone at ANZ is incredibly disappointed at the matters that the police are looking into.

"We have zero tolerance of this type of behaviour and none of the staff linked to this investigation are with ANZ any longer.

"We're treating the matter seriously and have been doing everything we can to assist the police, but as the matter is the subject of a police investigation, we're unfortunately limited as to what we can say."

He said the bank would do all it could to assist the investigation.

"We'll continue to assist the police as they require. They have our full support."

The bank's internal email servers have been studied as part of the police probe, the Herald Sun newspaper reported on Friday.

Employees allegedly used code words to buy and sell drugs.

Seven staff are suspected of drug dealing, while seven are alleged to have purchased illegal substances, the newspaper said.

The drug investigation focused on staff working at the collections department in ANZ's city office at 530 Collins Street before they moved to South Melbourne earlier this year.

- AAP