M&S Bank closes all current accounts

Supermarkets

M&S Bank will close all customer current accounts by the end of today.

The upcoming closure was announced in March and customers were told to switch or close their accounts.

The move comes as the bank shut 29 of its in-store banks on July 2, as a result of a surge in demand for online banking.

“As we adapt to meet the changing needs of our customers, and we deliver some new – more digitally-focused products and services – it does regrettably mean we will move away from branch-based servicing and the 29-in-store bank branches and associated current account will close this summer,” M&S Bank chief executive officer Paul Spencer said.

READ MORE: Ex-M&S boss Stuart Rose could be next Asda chairman

“We’re now firmly focused on supporting both our customers and colleagues through this change, and the delivery of our transformation plans, which will create new and rewarding payment solutions for M&S shoppers, both in-store and online.”

The news comes as reports suggest Sainsbury’s is in advanced talks to offload its banking arm to US private equity firm Centerbridge Partners in a deal that could value the lender at £200 million.

According to Sky News, the potential agreement between the Edinburgh-based bank, which employs over 1500 people and the Big 4 grocer is thought to be within weeks, but could still fall apart.

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