Marks & Spencer plans 50 in-store bank branches

London: Marks & Spencer Group Plc the U.’s largest clothing retailer, plans to open 50 bank branches in its stores within two years as it takes on Tesco Plc and British lenders such as Lloyds Banking Group Plc and Barclays Bank Plc.

Marks & Spencer will open the first branch at its flagship Marble Arch outlet in London in July as part of a joint venture with HSBC Holdings Plc, the London-based retailer said in a statement. Customers will be able to open new checking accounts by the autumn as part of the re-branded offer called M&S Bank, and mortgages are planned. The move extends M&S Money, which offers car, home and travel insurance, credit cards and foreign currency exchange services online and via phone.