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In the money: M&S to launch bank branches Friday, 8th June 2012
Photo credit: Marks & Spencer plc
Marks & Spencer has announced plans to open its first bank branch at its flagship Marble Arch store this summer, before rolling out to 50 larger outlets in the UK over the next two years, according to a report by the Telegraph.
The department store group hopes to cash in on its strong brand identity in the UK, by keeping its banks open twice as long as high street banks, " mirroring M&S store opening hours and enabling customers to bank while they shop, seven days a week".
Marc Bolland, chief executive, 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.”
M&S will begin with current accounts for autumn 2012, with the long term view to add a range of services including home loans. It’s thought the launch could provide up to 500 UK jobs by 2013, when a roll out would be well underway.