Over the next two years, 50 Marks & Spencer Bank branches are to 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.
A current account will be made available from autumn 2012 and customers can pre-register their interest in July and mortgages will be offered by the bank at a later date.
More than 3m customers already use M&S Money products, including credit cards, loans and savings.
However, a spokesperson for M&S Money refused to confirm what other products will be available as it opens banks and whether these products will be available to the intermediary market.
Marc Bolland, chief executive of Marks & Spencer, 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 21 million 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.”
The launch of M&S Bank 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.
Each branch will be managed by a dedicated M&S Bank team and will feature private meeting areas, self service banking points, as well as a bureau de change.