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.