Updated: Fri, 08 Jun 2012 01:00:00 GMT

M&S Bank to launch

M&S Bank to launch

M&S Bank to launch

M&S Bank to launch

This is not just any new bank... this is an M&S bank. Here's what it plans to do differently.

Marks & Spencer has announced that it is launching a bank this summer. Over 50 branches will open in M&S stores over the next two years and a current account will be launched in the autumn. Mortgages will follow at a later date.

The bank branches will be open the same hours as the shops they are in, which means they will be open on Saturdays and Sundays.

M&S Bank is backed by HSBC, who called it “our most significant innovation… since we launched First Direct over 22 years ago.”

The first branch will open in M&S’s flagship store in London’s Marble Arch in July.

Each branch will have ATMs, a bureau de change and private meeting areas.

The launch is likely to shake up the high street banking sector and could lead to other banks opening on Sundays. At the moment, only Metro Bank branches open on Sunday.

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