(Alliance News) - Marks & Spencer Group PLC is following other UK retailers in pulling back from banking businesses, the Telegraph reported late Thursday.
M&S Bank, a partnership with HSBC Holdings PLC, will close all branches and current accounts, the newspaper said. The clothing, homewares and food retailer has told customers their accounts will close from this summer, and all 29 in-store branches will close at the same time.
M&S had stopped offering new home loans last March. Its financial services now will focus on credit cards and store rewards, the Telegraph said, though its travel money desks in some 100 stores are not affected.
https://www.telegraph.co.uk/business/2021/03/04/ms-bank-pulls-plug-current-accounts-29-in-store-branches/
Back in January, grocer Tesco PLC said it expects to report a GBP175 million to GBP200 million annual loss from its own lending arm, Tesco Bank.
By Tom Waite; thomaslwaite@alliancenews.com
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