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.
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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.
