M&S Bank
| 250px | |
| Public | |
| Industry | Finance and Insurance |
| Founded | 1985 |
| Headquarters | Kings Meadow, Chester |
|
Key people
|
Denise Holt, Chairman and Non-executive director Sue Fox, Chief executive |
| Products | Financial services |
| Parent | HSBC Bank plc |
| Website | bank |
Marks & Spencer Financial Services plc, trading as M&S Bank, is a retail bank operating in the United Kingdom. It was formed as the financial services division of the British retailer Marks & Spencer (M&S) in 1985, and has been operated by HSBC Bank since it was sold in 2004. The bank launched as St Michael Financial Services in 1985, using Marks & Spencer's main brand at the time. It subsequently operated under the M&S Money brand from 2003 and later adopted the M&S Bank name.
M&S Bank provides services including current accounts, savings and credit products, as well as insurance.
Contents
History
Marks & Spencer launched St Michael Financial Services in 1985, operating its "Chargecard" store card. It was renamed Marks & Spencer Financial Services in 1988, and Marks and Spencer Unit Trust Management was established to provide unit trust funds.[1]
The company introduced the M&S Money brand in 2003, at the time that Marks & Spencer began to introduce its "Your M&S" branding.
In 2004, as part of an effort to reduce costs and return money to shareholders,[2] Marks & Spencer reached an agreement to sell the company to HSBC for £580 million. Under the terms of the sale, it was agreed that M&S and HSBC would share profits from M&S Money until at least 2019.[3]
In 2012, Marks & Spencer began to open branches within its existing retail stores.[4]
Services
M&S Bank provides a range of banking, credit and insurance products to personal customers, and operates a number of branches within M&S stores. It also provides internet banking services. As the company is a subsidiary of HSBC, it uses the M&S brand under licence from Marks & Spencer.[5]
M&S Bank is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. It subscribes to the Lending Code.[6]
References
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