M&S to introduce in-store banking service

City A.M. Reporter
Retailer Marks & Spencer said it plans to launch an in-store banking service next month, backed by Europe's biggest bank HSBC.

The group said 50 M&S Bank branches will open in M&S stores across the UK over the next two years, with the first branch scheduled to open in July at its flagship Marble Arch store in London.

M&S added that current accounts 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.

"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," M&S said in a statement.

M&S already offers limited financial services through M&S Money, having first ventured into personal finance in 1985.