M&S opens new bank branch

MARKS & Spencer has opened a branch of its new bank in Yorkshire, as more big retailers move into financial services.

The in-store M&S Bank in Pudsey was opened by Colin Kersley, the bank’s chief executive. The branch, which is based on the second floor of the store at The Owlcotes Centre, will be open the same hours as the store, including evenings and weekends.

Mr Kersley said: “Our branches have been designed around the needs of our customers, offering them the style of banking they want; available at times to suit their busy lifestyles.”

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Customer appointments will take place in one of three private meeting rooms, and the branch will include internet and telephone banking facilities.

Earlier this month, M&S Bank opened a branch in Meadowhall, near Sheffield.

At the time, Mr Kersley said the presence of retailers was giving customers more choice in financial services.

“It’s up to them to say what they want to do with that,” he added.

He said M&S Bank was ahead of targets for registrations, and 40 per cent of those who have applied for products are new to M&S financial services, which has been trading for three years.

Mr Kersley is a veteran of the retail banking industry. He joined Midland Bank in 1975 and moved to HSBC in the early 1990s.

Following the financial crash, Mr Kersley said banks are becoming more customer focused.

He described M&S Bank as “new-fashioned banking”.

“Service, trust and value all have to be in there. And transparency,” he said.