M&S to open bank branch in the Black Country
RETAILER Marks & Spencer is to open a bank in Merry Hill shopping centre as its banking service expansion plans gather pace.
M&S is to open 28 bank branches by the end of the year and its current accounts have now gone live.
It has so far opened 13 bank branches out of 16 locations which have already been confirmed and yesterday unveiled a further list of 12 branches planned by the end of 2012, including Merry Hill, near Dudley.
The retailer opened its first bank branch in July, offering seven days a week banking facilities and a pager service meaning customers can carry on with their shopping instead of queuing.
M&S has previously confirmed that it intends to open a total of 50 bank branches by the end of 2013, with opening hours mirroring the shops in which they are sited.
Customers have been able to pre-register for the new M&S current accounts since July.
M&S Bank is wholly owned by HSBC but runs on a 50/50 profit share with Marks & Spencer. Legally, the new bank is structured as a separate entity to HSBC, meaning it has its own registration with the Financial Services Compensation Scheme (FSCS), which compensates people if their bank goes under.
