|Industry||Finance and Insurance|
Denise Holt, Chairman and Non-executive director|
Sue Fox, Chief executive
|Parent||HSBC Bank plc|
Marks & Spencer Financial Services plc, trading as M&S Bank, is a retail bank operating in the United Kingdom. It was formed as the financial services division of the British retailer Marks & Spencer (M&S) in 1985, and has been operated by HSBC Bank since it was sold in 2004. The bank launched as St Michael Financial Services in 1985, using Marks & Spencer's main brand at the time. It subsequently operated under the M&S Money brand from 2003 and later adopted the M&S Bank name.
Marks & Spencer launched St Michael Financial Services in 1985, operating its "Chargecard" store card. It was renamed Marks & Spencer Financial Services in 1988, and Marks and Spencer Unit Trust Management was established to provide unit trust funds.
The company introduced the M&S Money brand in 2003, at the time that Marks & Spencer began to introduce its "Your M&S" branding.
In 2004, as part of an effort to reduce costs and return money to shareholders, Marks & Spencer reached an agreement to sell the company to HSBC for £580 million. Under the terms of the sale, it was agreed that M&S and HSBC would share profits from M&S Money until at least 2019.
M&S Bank provides a range of banking, credit and insurance products to personal customers, and operates a number of branches within M&S stores. It also provides internet banking services. As the company is a subsidiary of HSBC, it uses the M&S brand under licence from Marks & Spencer.
- "Our history". Marks & Spencer Financial Services plc. Retrieved 19 January 2015.
- "M&S sets out fightback strategy". BBC News Online. 12 July 2004. Retrieved 19 January 2015.
- Cave, Andrew (13 October 2012). "The Sunday Interview: Colin Kersley, chief of M&S Bank". The Telegraph. Retrieved 19 January 2015.
- Goff, Sharlene; Thompson, Jennifer; Jenkins, Patrick (8 June 2012). "M&S to launch bank with HSBC". Financial Times. Retrieved 19 January 2015.
- "Legal information". Marks & Spencer Financial Services plc. Retrieved 19 January 2015.
- "Subscribers". Lending Standards Board. Retrieved 5 November 2015.