M&S Money Sold for £762m
Marks and Spencer's financial services operation sold to HSBC bank
9th November 2004
The financial services arm of Marks and Spencer, M&S Money, has been sold to international banking group HSBC for £762m.
Under the terms of the sale, the M&S Money brand will continue, and for an initial 10 year period Marks and Spencer will continue to be paid a fee for introducing customers to the M&S Money products.
The Chief Executive of HSBC, Michael Geoghegan, commented:
"This deal combines the powerful financial services manufacturing capabilities of HSBC with the outstanding distribution network and customer franchise of Marks & Spencer."
Read More: HSBC Press Release
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Products from Marks and Spencer : Travel Insurance, Pet Insurance, Marks & Spencer Car Buying Plan, Marks and Spencers '&more' Card, Marks & Spencers Loans |
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More Marks and Spencer News : The £1bn Travel Money Stockpile |
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