Marks & Spencer Group PLC said on Friday that M&S Bank will close its current accounts as the bank moves to a focus on online and telephone service.
The UK retailer has said it will close 29 internal bank branches starting in the summer, and expand its credit card and payroll offerings. He said insider money bureaus, located in more than 100 stores, has no impact.
The company said M&S Bank will launch a digital credit option later in 2021.
Marks & Spencer said the move comes as online shopping has accelerated, especially since the outbreak began, with more and more customers banking online.
“We now firmly focus on supporting both our messengers and colleagues through this change, and the delivery of our transformation plans, which will create new and beneficial payment solutions for M&S customers. , both internally and online, “CEO Paul Spencer said.