M&S to open in-store bank branches - report

Pedestrians pass a Marks and Spencer store, in central London September 30, 2009.

LONDON (Reuters) - Marks & Spencer is expected to announce plans on Friday to open an in-branch banking service from its stores, the Telegraph reported.

The retailer plans to open banks at 50 of its branches over the next two years starting with in its flagship store in central London next month.

It already offers limited financial services through M&S Money, having first ventured into personal finance in 1985, but its latest proposal will offer current accounts, with mortgages to follow at a later date, the newspaper said on Friday.

The new service is expected to be called M&S Bank will have the same opening hours as its stores, including late evenings and weekends.

M&S could not be reached for immediate comment.

(Reporting by Stephen Mangan; editing by M.D. Golan)