The banking offshoot of UK retailer Marks & Spencer is to close all of its current accounts and shut its 29 instore branches to focus instead on reward-based credit cards and digital payment services.
Launched in 2012, M&S Bank operates as a joint venture arrangement between HSBC and Marks & Spencer. It currently claims some three million customers.
The move away from the traditional banking market has been brought about the shifting consumer landscape and the digital progression in banking brought into sharp relief by the Covid pandemic.
The retailer says it will pull up the shutters on its bank branches in July and stop serviving current accounts in August.
Paul Spencer, CEO, M&S Bank, says: “As we adapt to meet the changing needs of our customers, and we deliver some new - more digitally-focused products and services - it does regrettably mean we will move away from branch-based servicing and the 29-in-store bank branches and associated current account will close this summer. We’re now firmly focused on supporting both our customers and colleagues through this change, and the delivery of our transformation plans, which will create new and rewarding payment solutions for M&S shoppers, both in-store and online.”