Goldman Sachs will advise the government on the sale of its remaining stakes in Britain’s banks.
Goldman was hired as the privatisation adviser to UK Financial Investments (UKFI), a holding company tasked with managing the taxpayer stakes in businesses across the economy, Sky News first reported last night.
Chancellor of the exchequer George Osborne announced last week that he would begin selling the state’s shares in Royal Bank of Scotland (RBS) later this year. The government has also committed to launching a retail offering of Lloyds Banking Group shares within the next 12 months.
Speaking at a Mansion House dinner in the City last week Osborne said that he was “responsible for getting the best deal now for the taxpayer and doing whatever I can to support the British economy.”
“There is no doubt that starting to sell the government’s stake in RBS is the right thing to do on both counts,” Osborne added in the speech.
JP Morgan previously served as UKFI’s privatisation adviser.
When contacted by City A.M., spokespeople for Goldman and the Treasury declined to comment last night.