New boss takes the reins at M&S bank

Chester-based M&S Bank has appointed a new chief executive.

Paul Spencer has taken over following his appointment as interim chief executive in February.

Before this Paul was chief control officer for HSBC’s retail banking and wealth management business.

He also previously held the position of chief financial officer for Marks & Spencer Financial Services.

Stuart Haire, head of retail banking and wealth management, HSBC UK, said: “Paul is a great leader and not only does he have significant retail banking experience, but he’s also knowledgeable and passionate about the M&S Bank brand, having previously held the position of CFO for the business. I couldn’t think of a better leader for M&S Bank.”

Dame Denise Holt, chair of M&S Bank, said  that Paul’s appointment comes at a key time for the business.

She added: “Just last year we marked a key step in our transition from a financial services provider to a full service bank with the launch of M&S Bank Mortgages.

“Already this year, M&S Bank has been ranked one of the top three brands in the UK for customer service in the UK Customer Satisfaction Index.

“In addition to evolving our products and services, this year we have also made a major step in our support for our community, becoming naming partner of the M&S Bank Arena, part of the ACC Liverpool and Exhibition Centre Liverpool, which has generated £1.bn in economic benefit for the Liverpool city region.

“This is a really exciting time for M&S Bank, our customers, colleagues and community, and Paul is the ideal leader to take the business forward and ensure we continue to bring the trusted M&S brand values to banking.”

Paul added: “I’ve shopped at M&S my whole life, from the suit I purchased for my first job interview, to the Christmas meal we prepare every year and, having started my career in financial services with M&S.

“I’m a huge advocate of the brand. I truly understand the high standards our customers have come to know and expect from M&S and M&S Bank.”