UBS's decision last year to pass up a role advising the UK's Shareholder Executive on the privatisation of Royal Mail, in favour of landing a potential spot on an IPO, was vindicated today as it was named as one of the lead banks on the planned multi-billion pound float.

The Swiss bank was named among a quartet of global investment banks - all with long-standing advisory links to the UK government on Royal Mail - that have been chosen to work on the privatisation of the British postal service.