The initial confrontation which preceded the robbery occurred around 10.30am right outside the Manuka branch of the Westpac bank, which it appears was the victim's intended destination with the cash until the robbery took place.

Police have confirmed there were two offenders involved, who robbed the victim and then left on foot down Franklin St.

Both offenders were wearing COVID masks, witnesses said.

Others said they believed the robbers had jumped out of an SUV right outside the bank.

An ACT Policing spokesperson said police were investigating the circumstances of the incident and no arrests had been made at this time.

Lunchtime shoppers in Manuka had to skirt the crime scene tape around the bank, as police took witness statements and tried to piece together the sequence of events.

Detective Superintendent Hall O'Meagher said police believed the attack was targeted.

"Police ... believe there is a connection between the victim and the offenders; that's quite the possibility," he said.

"And we're making further inquiries in relation to that."

Police said the man was just outside the bank when he was first threatened by the two offenders.

"He [the victim] then entered the bank probably trying to escape the offenders. It was inside the bank where the money was actually stolen from the victim," Supt O'Meagher said.

The victim was threatened with the Taser but it wasn't used. The victim was described as "shaken up" by the incident but did not suffer any physical harm.

A spokesperson from Westpac said: "We're aware of an incident at our Westpac Manuka branch this morning and we're cooperating with ACT police to support their investigation.

"The safety and security of our employees and customers is our No.1 priority and we'll ensure we provide appropriate and ongoing support as needed."

There is significant CCTV coverage in the Manuka area and it is highly likely police would be able to track the offenders' movements within the shopping precinct.

Anyone who witnessed the incident, or people and businesses who may have footage of the area around the time, is urged to contact ACT Policing on 131 444. The reference number is 7416300.

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