MARKS and Spencer announces the closure of 29 in-store bank branches
M&S Bank has announced that it plans to close all of its 29 in-store branches and customers holding a current account with the institution will be forced to either close the account or move it to another bank. The company has attributed the closure to the huge shift of customers towards online baking.
Paul Spencer, CEO of M&S Bank, said: “As we adapt to meet the changing needs of our customers, and we deliver some new – more digitally-focused products and services – it does regrettably mean we will move away from branch-based servicing and the 29-in-store bank branches and associated current account will close this summer.
“We’re now firmly focused on supporting both our customers and colleagues through this change, and the delivery of our transformation plans, which will create new and rewarding payment solutions for M&S shoppers, both in-store and online.”
It is not yet known how many jobs will be lost in the shift, but customers have been advised that they don’t have to act immediately but will be contacted by their branch in due course. M&S Bank currently has around 150,000 customers with current accounts in the UK.
Kirsty Ward, director of bank and services at M&S added: “We are striving to bring our customers the very best financial products that meet their needs today and in the future – and our priority, as set out today, is making it even easier and more rewarding to buy the things they love from us.”
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