Earlier, M&S Money was purchased by HSBC and remains a joint venture, offering loans, credit cards and other financial services.
The new M&S Bank will be customer-oriented in the tradition of retailing, as this quote from M&S chief executive Marc Bolland indicates:
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.
Initially, M&S Bank will operate one branch in the store's Marble Arch branch. Within months, more branches are planned for other areas, including Wales.M&S is not the first UK retailer to expand into banking. Tesco has been involved in banking for some time, first with RBS and now as a separate banking business. Sainsbury's banking division is run as a joint venture with Lloyds Banking Group.
Competition is becoming more intense. Metro Bank opened in 2010 as a retail-oriented bank, the first new high-street bank in 100 years--and now it's expanding, with seven new branches in the works. How will M&S Bank do in this very competitive environment?
