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The government will maintain a "golden share" which means Mr Kretinsky's business will have to get approval for any changes to Royal Mail's ownership, the location of its headquarters and its tax residency.

The government will retain a so called "golden share" that will require it to approve any major changes to Royal Mail's ownership, HQ location and tax residency.

Members of Congress in March complained that the Chinese government has a "golden share" in ByteDance, giving it power over TikTok.

After a lawmaker said the Communist Party holds a “golden share” in ByteDance that allows it to control one ByteDance board seat, Chew said, “That’s not correct.”

In other banking news: Saule Omarova, whom President Biden had nominated to lead the Office of the Comptroller of the Currency, proposes a government “golden share” in major banks to help prevent future crises.