Marks & Spencer to open its first bank

Venturing into banking segment, Marks & Spencer brand

will open its bank called as M&S Bank this July, giving customers a new choice of bank on the UK high street.

According to the company, a chain of 50 branches will be opened within the next two years in M&S stores across the UK. The first branch will be opened in July at Marks & Spencer’s flagship Marble Arch store. To benefit the customers, M&S banks will be working throughout the time M&S stores are open. Thus, in other words, M&S banks will be open twice as long as traditional high street banks enabling customers to bank while they shop, seven days a week. The customers can also enjoy 24 hour access to online banking as well as UK based call centres. Customers can pre-register their interest in July in the current account which would be available soon.

Currently, M&S has over 3 million customers using M&S Money products, including credit cards, loans and savings. 70 per cent of its premium Club customers have revealed that the idea of an M&S current account is appealing. Interestingly, M&S Bank would be supported by one of the world’s most successful and financially strong banks – HSBC.

Colin Kersley, Chief Executive of the new M&S Bank, added: “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.”

Joe Garner, Head of HSBC in the UK, commented: “This is our most significant innovation in retail banking since we launched First Direct over 22 years ago. It is concrete evidence of HSBC increasing innovation, competition and investment in the UK.” The launch of M&S Bank will create job opportunities for 500 people by the end of 2013 including 400 customer-facing roles in branches across the country and around 100 roles at the company’s Chester based head office.

Marks and Spencer plc is a British retailer headquartered in the City of Westminster, London, with 703 stores in the United Kingdom and 361 stores spread across more than 40 countries. It specializes in the selling of clothing and luxury food products. Whereas, HSBC Holdings plc, the parent company of the HSBC Group, headquartered in London serves customers worldwide from around 7,200 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa.