M&S Bank to axe 29 branches amid digital shift

Marks & Spencer Financial Services PLC, trading as M&S Bank, will close 29 in-store branches in July as the U.K.-based bank moves to online, mobile and telephone servicing.

The financial services arm of Marks and Spencer PLC is also set to launch a cardless payment solution and a credit card offering in the summer as online shopping and banking accelerated as a result of the COVID-19 pandemic.

The bank said it will continue to offer general insurance, savings and loan products, while its in-store travel money bureaus in more than 100 stores are unaffected by the changes.

HSBC Holdings PLC currently owns 100% of M&S Bank's share capital, but the bank operates as a joint venture between HSBC and Marks & Spencer.

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