RBS considers Indian options as Barings swoops to take director

A spokesman for the Edinburgh-based lender, which is still 73 per cent owned by the British taxpayer, said: “After examining a number of potential sale options for our banking business in India, we have concluded that it is not feasible to sell the business in its entirety.”

“We will now look at other options which may include a wind down or sale of individual parts of the business, and we will communicate to clients accordingly.”

Last February, the bank announced it would reduce its footprint from 38 to 13 countries by 2019.

Meanwhile, Baring Asset Management has poached RBS director Brian Mangwiro and appointed him as director of fixed income and currency research.

Mr Mangwiro was previously director of global FX desk strategy at RBS global banking and markets.

In his new role, he will report to head of research Nigel Sillis.

Baring Asset Management head of fixed income for global Alan Wilde said: “During a time when monetary policy is one key focus for markets, seeking currency opportunities to complement alpha derived from bond markets is going to remain a significant aspect of global fixed income investing.

“Currency markets can behave very differently to bonds and Brian’s experience in this area will further enhance our existing expertise in the team and our search to add value for our clients.”