High street retailer and British staple Marks and Spencer is diversifying into banking on a nationwide scale.




Part of the HSBC group, existing financial brand M&S Money will be rebranded as M&S Bank,  as the retailer opens its own chain of high-street banks.

HSBC bought M&S Money in 2004 after its launch in 1985 to capitalise on the trust in its brand. This move feels strangely similar, as M&S again attempt to consolidate upon its loyal customer base in a new sector. With three million M&S credit cards currently in circulation, the move into high-street banking could yet be a very successful one.
With fifty in-store branches are set to roll out in the next two years, the flagship M&S Bank will be held within its Marble Arch premises from next month.

Marketing Magazine have more:
"The retailer claims the bank, to be led by chief executive Colin Kersley, will offer customers private meeting areas, self service banking points, as well as a bureau de change. It said the aim is to create a "relaxed, modern banking environment" for customers, with "personal touches" such as M&S furniture and fresh flowers. Marketing for the brand will be led by current M&S Money head of marketing, Amanda Newman."

Marc Bolland, chief executive at Marks & Spencer said: "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 21m 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."

Joe Garner, head of HSBC in the UK, added: "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."