M&S are moving in to the banking arena, unveiling plans to open 50 in branch banks over the next two years, with the first of these scheduled to open in London within a month, in Marks & Spencer's Marble Arch branch.

The HSBC have partnered with M&S regarding this initiative, that is expected to offer a seven day banking service to consumers who use the store and is expected to create 500 jobs over the two year roll out period.

Initiially current accounts will join the range of other financial products already offered by M&S, also backed by HSBC, such as credit cards, loans and savings accounts but they hope to offer mortgages also inthe near future.