Marks & Spencer Group PLC announced that M&S Bank will close its current accounts as the bank moves to focus on online and telecommunication services, according to a report in MarketWatch.
The U.K. retailer will close 29 in-store bank branches beginning this summer, and expand its credit card and payment offerings. The bank’s in-store travel money bureaus, which are located in more than 100 stores, are currently unaffected.
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.
The company said M&S Bank will also launch a digital credit option later in 2021.Banking