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I can just imagine it now: “This is not just banking, this is M&S banking”. Earlier today, UK food and clothing retailer Marks & Spencer unveiled their plans to delve deeper into the retail banking sector. While this may seem like a bold venture, remember – M&S already offer a credit card, and so this is clearly a calculated move. Butter spread over too much bread? Perhaps.

Key Points:
  • Over 50 branches to open in the next two years
  • New current account will be available by autumn 2012
  • Creation of 500 new UK jobs
  • Supported by two of the UK’s most trusted high street bands

The company’s chief executive has stated:

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.

Marc Bolland, Chief Executive for M&S

Easier said than done; a recent survey by YouGov has revealed that only 53% of consumers are currently willing to trust any bank or building society. So despite M&S having support from HSBC, it will be interesting to see if this daring venture pays dividends.

That said, M&S have a clear market position as a high-quality retailer, though whether consumers consider this when they sign up is yet to be seen.

The first branch will open its doors next month, at Marks & Spencer’s flagship store in Marble Arch. For more information, click here.

author image

Aqil Rouf

Co-Founder

Hello. My name’s Aqil, I’m 22 and I’m both the Co-Founder and Editor-in-Chief of LIMITLESS Magazine. Besides developing the site’s user interface, it’s my responsibility to oversee and guide the direction of our content and moreover, keep our team of writers motivated!

Marks & Spencer Banking

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