M&S Bank to close all current accounts and instore branches

The banking offshoot of UK retailer Marks & Spencer is to close all of its current accounts and shut its 29 instore branches to focus instead on reward-based credit cards and digital payment services. Launched in 2012, M&S Bank operates as a joint venture arrangement between HSBC and Marks & Spencer. It currently claims some three million customers. The move away from the traditional banking market has been brought about the shifting consumer landscape and the digital.
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