RBS to fire employees at Indian unit

Layoffs part of the bank’s plan to wind down its retail and commercial operations in India.

State-owned Royal Bank of Scotland, however, did not say how many employees will be cut. The announcement comes after British Prime Minister David Cameron last week said that he wants RBS to speed its restructuring, making it clear he is keen to return it to private ownership as soon as possible.

The British government owns 82% of RBS, having pumped in 45 billion pounds of capital when the bank neared collapse in 2008.

A plan by RBS to sell the Indian businesses to HSBC Holdings (HSBA.L) colapsedin November last year, more than two years after the two banks began negotiations.

RBS is reducing its international operations after the 2008 bailout and has been urged by the British government to focus on domestic activities.