Royal Bank of Scotland has confirmed it that plans to cut 443 UK jobs dealing with business loans and that many of the roles will move to India.

RBS said the cuts were part of a restructuring aimed at becoming a smaller bank.

“As we become a simpler, smaller, bank, we are making some changes to the way we serve our customers,” said RBS in a statement.

“Unfortunately, these changes will result in the net reduction of 443 roles in the UK.

“We realise this will be difficult news for staff and we will do everything we can to support those affected, including redeployment into new roles where possible.

“All roles which require customer contact will remain in the UK.”

The UK taxpayer still owns more than 70% of RBS.

RBS was rescued with a £46 billion bailout by the UK Government during the last financial crisis.

The Unite union said in a statement: “By shipping these jobs to India, RBS will be getting that work done more cheaply at the cost of jobs and livelihoods here in the UK.”