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    Banks defend Royal Mail sale

    PressAssociation

    by PressAssociation

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    A Conservative MP today attacked banks involved in the Government's controversial privatisation of Royal Mail, claiming the deal had cost taxpayers money. Brian Binley (Conservative Northampton South) told James Robertson, managing director of UBS, and Richard Cormack, managing director of Goldman Sachs, that he questioned the two banks' intelligence gathering operations. The share price was set at 330p, valuing Royal Mail at £3.3 billion, but the shares jumped by over a third on the first day of trading and broke through the 550p mark within a week.