MPs summon bankers over Royal Mail sale

Several of the investment banks associated with the sell-off of Royal Mail have been called up by MPs to an inquiry into the company's privatisation, reports Sky News' City editor, Mark Kleinman.

The banks have been contacted by the Business, Innovation and Skills Select Committee (BIS) which has asked them to attend sessions later this month as part of its ongoing probe into whether the Royal Mail was undervalued.

Sky News reports that insiders have said today that spokespersons would be sent by Goldman Sachs and UBS, which led the privatisation. Citi, Deutsche Bank, JP Morgan and Panmure Gordon have also been asked to send senior individuals, after the four banks suggested that Royal Mail could be worth more than its £3.3bn price tag.

Business secretary Vince Cable, minister Michael Fallon (who worked on planning the sale) and representatives from Lazard, the government's independent adviser, will appear at a separate session, said the sources.