Lazard, the independent investment bank, has appointed former Conservative minister and ex-Asda chief executive Archie Norman as its London chairman, as the firm works on the privatisation of the Royal Mail.

Norman, 59, who has been a senior adviser to Lazard since 2003, will strengthen his ties with the investment bank at a time when a string of UK Government mandates are up for grabs. Lazard has been hired as an adviser on the flotation of the Royal Mail.