According to sources close to News, M&S and HSBC, the company that controls M&S Bank in the UK, are about to make an announcement about a new long-term cooperation agreement that will open the door for a corporate makeover.
With over 3 million customers, M&S Bank provides personal loans, shop credit cards, travel insurance, and a buy now pay later credit product.
The goal of the protracted negotiations between M&S and HSBC, according to sources, has been to reach an agreement before their current contract expires in the upcoming weeks.
One further stated that details of the updated relationship are anticipated to be revealed in public early next month.
M&S stated that their ultimate goal was to create a “superapp” that would include banking services, payments, and the Sparks loyalty program offered by the store.
