Latest news: M&S enter the banking sector

Marks & Spencer (M&S) is set to create 500 new UK roles by the end of 2013, with the launch of the new M&S Bank this summer. 18/06/2012

The roles include 400 customer-facing positions in-store and 100 roles at the company’s Chester head office.

Over the next two years, 50 M&S Bank branches will open in M&S stores across the UK. The first branch will open in July at M&S’s flagship Marble Arch store in London.

The launch will also see a strengthening of the partnership between the retailer and HSBC, which dates back to 1985 when the M&S Money brand was launched and then backed by the bank.

Joe Garner, head of HSBC in the UK, said, ‘This is our most significant innovation in retail since we launched First Direct over 22 years ago. It is concrete evidence of HSBC increasing innovation, competition and investment in the UK.’

Colin Kersley, chief executive of M&S Bank, added, ‘We know loyal M&S customers will be genuinely excited by the prospect of banking with their favourite retailer. 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.’