M&S Bank details revealed

M&S Bank details revealed
M&S Bank
A mock-up of its Chester 'branch'

Marks & Spencer has confirmed details of its summer launch for M&S Bank.

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

It claims branches will be open “twice as long” as traditional high street banks, mirroring M&S store opening hours and enabling customers to bank while they shop, seven days a week. Customers will also have 24 hour access to online banking, as well as UK based call centres.

A current account will be made available from autumn 2012 and customers can pre-register their interest in July, mortgages will be offered by the bank at a later date.

M&S Bank is being backed by HSBC. The launch will create 500 new UK roles by the end of 2013. This includes 400 customer-facing roles in branches across the country and around 100 roles at the company’s Chester based head office.

“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 21 million customers,” said Marc Bolland, chief executive at Marks & Spencer .

“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.”

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