27 February 2017
Visit EBAday.com

Marks & Spencer to move into high street banking

08 June 2012  |  10595 views  |  0 london tower bridge

UK retailer Marks & Spencer is to move into high street banking with the launch of M&S Bank next month.

Over the next two years, 50 new 'branches' will be opened in M&S stores across the UK, with the first branch scheduled to open in July at Marks & Spencer's flagship Marble Arch store.

Branches will be open twice as long as traditional high street banks; mirroring M&S store opening hours and enabling customers to bank while they shop, seven days a week. The high street presence will be supplemented by 24-hour access to online banking, as well as UK based call centres.

A current account will be made available from autumn 2012 and customers can pre-register their interest in July, mortgages will be offered by the bank at a later date.

Over 3 million customers already use M&S Money products, including credit cards, loans and savings. Research amongst its Premium Club customers revealed that over 70% found the idea of an M&S current account appealing.

M&S Money is a joint venture with HSBC struck in 2004; the profits are split equally.

HSBC will continue its partnership with M&S for the launch of the new bank.

Joe Garner, Head of HSBC in the UK, comments: "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."

M&S is pitching itself as a credible, alternative choice for UK banking services, extending its trusted brand into a sector beset by a succession of defaults, mis-selling scandals and rows over rich bonus pay-outs.

Marc Bolland, chief executive at Marks & Spencer says: "M&S is one of the most trusted brands on the UK high street and we've achieved this by continually listening and responding to the needs of our 21 million customers. 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."

The launch of the new bank is expected to create 500 new UK jobs by the end of 2013. This includes 400 customer-facing roles in branches across the country and around 100 roles at the company's Chester based head office.

Each branch will be managed by a dedicated M&S Bank team and will feature private meeting areas, self service banking points, as well as a bureau de change.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Tesco tops UK credit card brand rankings

Tesco tops UK credit card brand rankings

13 February 2012  |  7824 views  |  0 comments | 1 tweets
Tesco delays current account launch

Tesco delays current account launch

06 February 2012  |  6105 views  |  0 comments
Tesco to delay migration to new banking system

Tesco to delay migration to new banking system

05 October 2011  |  8750 views  |  2 comments
Tesco Bank adds price comparison engine to insurance quotes

Tesco Bank adds price comparison engine to insurance quotes

28 September 2011  |  6721 views  |  0 comments
Metro signs up 25,000 in first year; plans more branches

Metro signs up 25,000 in first year; plans more branches

25 July 2011  |  8026 views  |  2 comments
Tesco Bank online problems rumble on

Tesco Bank online problems rumble on

23 June 2011  |  8711 views  |  0 comments | 1 tweets
Tesco Bank systems update shuts out customers

Tesco Bank systems update shuts out customers

20 June 2011  |  9235 views  |  0 comments
Tesco ready for banking switch

Tesco ready for banking switch

14 June 2011  |  11341 views  |  0 comments
M&S to introduce instore banking - Bloomberg

M&S to introduce instore banking - Bloomberg

22 December 2010  |  10239 views  |  0 comments
Tesco plans 200 Glasgow call centre jobs for new mortgage business

Tesco plans 200 Glasgow call centre jobs for new mortgage business

21 October 2010  |  7334 views  |  0 comments
Tesco mortgage plans delayed by tougher FSA checks

Tesco mortgage plans delayed by tougher FSA checks

04 October 2010  |  7295 views  |  1 comments
New players beat traditional banks in public trust stakes

New players beat traditional banks in public trust stakes

18 June 2010  |  10477 views  |  0 comments
Metro Bank to open doors next month

Metro Bank to open doors next month

16 June 2010  |  9685 views  |  1 comments
Virgin buys regional bank for high street push

Virgin buys regional bank for high street push

08 January 2010  |  13237 views  |  0 comments
Tesco Bank selects Fiserv to provide core technology platform

Tesco Bank selects Fiserv to provide core technology platform

20 November 2009  |  16443 views  |  0 comments
Branches and service key for UK bank customers - survey

Branches and service key for UK bank customers - survey

03 November 2009  |  5917 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit contisgroup.com

Who is commenting?

A Finextra member Finextra Member Commented on: In wake of Cloudflare...
A Finextra member Finextra Member Commented on: Bank consultancy Zeb o...
A Finextra member Finextra Member Commented on: In wake of Cloudflare...

Top topics

Most viewed Most shared
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
13333 views comments | 52 tweets | 74 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
8759 views comments | 40 tweets | 34 linkedin
BNY Mellon seeks blockchain experts for new emerging biz and tech teamBNY Mellon seeks blockchain experts for ne...
7463 views comments | 7 tweets | 4 linkedin
hands typing furiouslyBlockchain Technology
7239 views 1 | 18 tweets | 7 linkedin
High rate of defaults hit P2P lending sectorHigh rate of defaults hit P2P lending sect...
7089 views comments | 19 tweets | 13 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job