M&S Bank
From Wikipedia, the free encyclopedia
Marks & Spencer Financial Services plc, trading as M&S Bank, is a retail bank operating in the United Kingdom. The company was founded in 1985 as St Michael Financial Services as the financial services division of Marks & Spencer and adopted its current name in 2012.
M&S Bank | |
Formerly | M&S Money St Michael Financial Services |
Company type | Public |
Industry | Finance and Insurance |
Founded | 1985 |
Founder | Marks & Spencer |
Headquarters | Kings Meadow, Chester |
Key people | David Lister, Chairman and Non-executive director Paul Spencer, Chief executive |
Products | Financial services |
Parent | HSBC |
Website | bank |
Initially focused on providing credit through in-house store cards, the bank now provides a range of products to personal customers including credit cards, loans, savings, insurance and foreign currency exchange.
M&S Bank is operated as a joint-venture with HSBC and has been a wholly owned subsidiary of the latter since its sale in November 2004. The bank retains its own banking licence and board and continues to occupy its purpose-built headquarters in Chester.[1]
The bank is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. It subscribes to the Lending Code.[2]