M&S Bank, the banking unit of UK based high street retailer
Marks and Spencer (M&S), is planning to open 12 additional bank
branches by the end of 2012, bringing the total number of units
planned for this year to 28.
M&S launched its first bank branch in July 2012 and the
retailer has opened 13 branches so far – out of 16 confirmed
locations – that offer banking services seven days a week.
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The bank had previously announced its
intentions to launch a network of 50 bank branches by the end of
2013, mostly at its retail store location.
Customers can apply for M&S premium
current accounts, which carry fees in return for ‘transparent’
terms and a range of in-store perks.
Wholly owned by HSBC, M&S Bank is being
managed on a 50-50 profit share with M&S.
Other UK retailers that offer banking services
are Tesco, Sainsbury’s and Asda.
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By GlobalData
In June 2011, Tesco Bank CEO Benny Higgins told
RBI about the lender’s plans of penetrating
the UK retail banking market further with the launch of its current
accounts in 2012 but the lender has delayed plans of launching its
current accounts until 2013.
