Marks & Spencer has unveiled plans to open 50 in-store banks in partnership with HSBC – starting next month with its flagship Marble Arch store.
To be opened over the next two years, the M&S banks will mirror the store opening hours and offer a full range of banking services.
A current account will be made available in the autumn with mortgages offered at a later date.
The retailer said three million customers already use M&S Money products, including credit cards, loans and savings.
“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,” Colin Kersley, chief executive of the new arm of the business.
The launch of M&S Bank will create 500 new UK roles by the end of 2013.
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