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Marks & Spencer to open bank branches and offer mortgages

Marks & Spencer is reportedly gearing up to launch a chain of bank branches which will include a mortgage offering.

Retail Week reports the first M&S branch will open next month within the M&S flagship retail store in Marble Arch in London, with a further 20 branches planned. All bank branches will be housed in existing stores and will be open on weekends.

M&S already operates a financial services arm under the trading name M&S Money, which is owned by HSBC.

M&S Money offers investments through HSBC’s world selection portfolios. It also offers savings accounts, general insurance, loans, travel money and credit cards.

News of M&S’s potential entry into the mortgage market comes ahead of the launch of a mortgage range from Tesco Bank which is expected in the coming months. The mortgage range has been delayed following technical glitches in moving its existing loan and savings products onto a new IT system.

M&S declined to comment.

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