Six bankers summoned by MPs over Royal Mail pricing named

Oliver Smith
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BANKERS who will be brought before the Business, Innovation and Skills Committee on Wednesday to answer criticisms that the Royal Mail privatisation was undervalued have been named.

James Robertson, a UK coverage banker at UBS, and Richard Cormack, co-head of equity capital markets at Goldman Sachs, will represent the two lead banks who advised the government on the sale last month.

The Royal Mail’s share price has soared more than 70 per cent since 11 October prompting criticism from unions and opposition MPs that the government sold off the postal service too cheaply.

Four other banks who did not advise on the sale but pitched higher valuations for the Royal Mail will also send representatives.

Royal Mail shares are currently trading at 557p a share, from their 330p opening price in October.

UBS and JP Morgan declined to comment.