Bank of America Merrill Lynch has been named as joint broker to Royal Mail – a mandate that means it is the junior banks from the mail service’s controversial IPO, rather than the lead advisers, that have claimed the high-profile brokership.

BAML's appointment alongside incumbent Barclays was announced in a statement today. The two banks worked as joint bookrunners on the Royal Mail IPO - a deal that drew criticism from politicians over pricing that many felt left the UK tax payer short changed.