Marks & Spencer, HSBC UK Expand Partnership

By Elena Vardon

The U.K. branch of lender HSBC Holdings and Marks & Spencer Group are expanding the partnership through which they provide credit and payments services to the retailers' customers.

The new seven-year agreement builds on the long-term partnership between the two companies and will now encompass loyalty and digital payments, they said in a joint statement on Wednesday.

The groups will work together to develop M&S's credit offering through M&S Bank--a wholly owned subsidiary of HSBC UK. The retailer has 2 million credit card users whose spending represents around 16% of its turnover, they said.

"The new agreement will enable M&S to bring together rewards, [customer reward scheme] Sparks, digital payments and credit to create an easier to access and more personalised in-app experience for customers where they can shop, pay, earn and redeem rewards all in one place," they said.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

April 10, 2024 07:40 ET (11:40 GMT)

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