Marks and Spencer to open M&S Bank

High street retailer Marks and Spencer has announced plans of launching M&S Bank across the UK, with a 50-branch roll-out over the next two years. The new M&S Bank will be backed by HSBC. The first M&S Bank in-store branch will open at Marks & Spencers flagship Marble Arch store in London in July. Current accounts will be made available for customers from autumn 2012 and pre-registrations will begin in July. Marks and Spencer began offering financial products in 1985. M&S Bank will reportedly create 500 new UK jobs by the end of 2013 and mortgages will be offered at a later date.

High street retailer Marks and Spencer has announced plans of
launching M&S Bank across the UK, with a 50-branch roll-out
over the next two years.

The new M&S Bank will be backed by HSBC. The first M&S
Bank in-store branch will open at Marks & Spencer’s flagship
Marble Arch store in London in July. Current accounts will be made
available for customers from autumn 2012 and pre-registrations will
begin in July.

Marks and Spencer began offering financial products in 1985.
M&S Bank will reportedly create 500 new UK jobs by the end of
2013 and mortgages will be offered “at a later date”.

Each branch will feature private meeting areas, self service
banking points, as well as a bureau de change. The branches will
mirror Marks and Spencer store opening hours to enable customers to
bank seven days a week, while they shop.

Customers will also have 24-hour access to online banking, and
call centres.

Chief Executive of the new M&S Bank, Colin Kersley,
said:

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“We know loyal M&S customers will be genuinely excited by
the prospect of banking with their favourite retailer. With over 25
years financial services experience, M&S Bank is the natural
next step for M&S Money and will provide customers with a
credible, alternative choice in the banking sector.”

M&S Financial Services changed its
trading name to M&S Money in 2003. In 2004, Marks and
Spencer sold M&S Money to HSBC, and operations have been run
since as a joint venture. Over 3m customers already use M&S
Money products, including credit cards, loans and savings.

Head of HSBC in the UK, Joe Garner, said M&S Bank will be
the lender’s “most significant innovation in retail banking” since
the launch of its online banking subsidiary First Direct.

Chief Executive at Marks & Spencer, Marc Bolland, added:

“This bank will be built on M&S values; putting the customer
at the heart of the proposition and delivering the exceptional
service that sets us apart from the competition.”