Founded in 1985, Marks & Spencer Financial Services plc (M&S Bank) was purchased by HSBC in 2004. The retail challenger bank acts as the financial division of the British retailer Marks & Spencer Group. In the year ending December 31st 2019, M&S Bank saw loans and advances to customers increase to approximately 4.1 billion British pounds (GBP).
Challenger banks
The term 'Challenger Bank' is used as a description of banks and financial services that were created after the Global Financial Crisis and have made significant impact in 'challenging' incumbent large banks or have had a significant impact on the market. KPMG describe four main areas in which challenger banks have appeared in the market in the United Kingdom. These include full-service retail banks such as CYBG/Virgin Money, Metro Bank, TSB Bank and the Co-op, Specialist lenders such as OneSavings Bank and Aldermore, retailer banks including Tesco's and Sainsbury's and Digital Banks. As the newest and perhaps the most exciting facet of challenger banks, Digital banks are mobile app-based banks that do not have a physical presence on the high street. Due to their simplicity and ease of use they have attracted significant attention from customers and investors alike.
Key financial figures for Marks and Spencer Financial Services PLC in the United Kingdom (UK) from 2017 to 2019
(in million GBP)
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Companies House. (September 1, 2020). Key financial figures for Marks and Spencer Financial Services PLC in the United Kingdom (UK) from 2017 to 2019 (in million GBP) [Graph]. In Statista. Retrieved December 23, 2024, from https://www.statista.com/statistics/1112317/key-financial-figures-for-marks-and-spencer-bank-united-kingdom/
Companies House. "Key financial figures for Marks and Spencer Financial Services PLC in the United Kingdom (UK) from 2017 to 2019 (in million GBP)." Chart. September 1, 2020. Statista. Accessed December 23, 2024. https://www.statista.com/statistics/1112317/key-financial-figures-for-marks-and-spencer-bank-united-kingdom/
Companies House. (2020). Key financial figures for Marks and Spencer Financial Services PLC in the United Kingdom (UK) from 2017 to 2019 (in million GBP). Statista. Statista Inc.. Accessed: December 23, 2024. https://www.statista.com/statistics/1112317/key-financial-figures-for-marks-and-spencer-bank-united-kingdom/
Companies House. "Key Financial Figures for Marks and Spencer Financial Services Plc in The United Kingdom (Uk) from 2017 to 2019 (in Million Gbp)." Statista, Statista Inc., 1 Sep 2020, https://www.statista.com/statistics/1112317/key-financial-figures-for-marks-and-spencer-bank-united-kingdom/
Companies House, Key financial figures for Marks and Spencer Financial Services PLC in the United Kingdom (UK) from 2017 to 2019 (in million GBP) Statista, https://www.statista.com/statistics/1112317/key-financial-figures-for-marks-and-spencer-bank-united-kingdom/ (last visited December 23, 2024)
Key financial figures for Marks and Spencer Financial Services PLC in the United Kingdom (UK) from 2017 to 2019 (in million GBP) [Graph], Companies House, September 1, 2020. [Online]. Available: https://www.statista.com/statistics/1112317/key-financial-figures-for-marks-and-spencer-bank-united-kingdom/