By Anthony O. Goriainoff
Marks & Spencer Group PLC said Friday that M&S Bank will close its current accounts as the bank moves to focus on online and telephony servicing.
The U.K. retailer said it will close 29 in-store bank branches starting this summer, and expand its credit card and payment offerings. It said in-store travel money bureaus, which are located in more than 100 stores, are unaffected.
The company said M&S Bank will also launch a digital credit option later in 2021.
Marks & Spencer said the move comes as online shopping has accelerated, especially since the start of the pandemic, with customers increasingly choosing to bank online.
"We're now firmly focused on supporting both our customers and colleagues through this change, and the delivery of our transformation plans, which will create new and rewarding payment solutions for M&S shoppers, both in-store and online," Chief Executive Paul Spencer said.