By Jonathan Davies

The Royal Bank of Scotland (RBS) is preparing for the government to sell its 79% stake.

Outgoing chairman Sir Philip Hampton has asked shareholders to approve the cost of any documents and fees associated with the sell-off.

In March, the Chancellor George Osborne said the government would see its RBS stake "as quickly as we can". He told the Financial Times that a complete sell-off could take years “but it’s certainly something I would want to get moving on in the summer after the election. I would want to see a review on a plan for disposal".

In a notice ahead of the bank's annual general meeting on 23 June, Sir Philip said: “Whilst the implementation and timing of any sell-down by HM Treasury will be determined at the sole discretion of HM Treasury, the board is of the view that it is important and in the best interests of the company to be able to provide such assistance when required."