viewMarks and Spencer Group PLC

Marks and Spencer to close 29 in-store bank branches amid restructuring

The bank looks to boost its online offering and cardless payment methods for customers

Marks and Spencer Group PLC - Marks and Spencer to close 29 in-store bank branches amid restructuring

Marks and Spencer Group PLC (LON:MKS) announced it will close 29 in-store bank branches and its current account offer as part of a restructuring in the banking arm.

The retailer said M&S Bank will move to online and telephony servicing after the pandemic accelerated the shift to online operations.

READ: Marks and Spencer downgraded to ‘sector perform’ by RBC Capital Markets over challenges in clothing, international segments

The summer launch will include a new reward credit card offering and a digital payment solution for ‘Sparks’ members.

The new offering will support the group’s ‘Never the Same Again’ transformation programme to reward customers.

M&S Bank will also launch a digital credit option later this year as a cardless payment solution for Sparks customers.

The in-store travel money bureaux, which are located in over 100 stores, are unaffected.

The banking arm’s chief executive Paul Spencer said the company is looking to offer customers a more seamless shopping and payment experience.

Shares rose 1% to 149.2p on Thursday before close.

Quick facts: Marks and Spencer Group PLC

Price: 154.85 GBX

Market: LSE
Market Cap: £3.03 billion

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