18th Mar 2024 06:59
(Alliance News) - Marks & Spencer Group PLC and HSBC Holdings PLC are preparing plans to announce a new seven-year deal that includes the creation of a loyalty "superapp", Sky News reported Sunday.
The London-based retailer and the London-based Asia-focused lender will soon announce a new long-term relationship agreement. HSBC's UK arm owns M&S Bank.
Sky reported sources said that long-running talks between the companies focused on concluding a deal before their current contract expires within weeks' time.
https://news.sky.com/story/m-s-in-talks-to-create-banking-and-loyalty-superapp-13095781
M&S's long-term goal was to establish a "superapp" that includes payments, financial services and the Sparks loyalty rewards programme.
The plans are contrary to competing retailers Tesco PLC and J Sainsbury PLC, which have announced that they seek to exit the financial services business.
HSBC shares closed virtually flat at 586.20 pence each on Friday in London, while M&S shares closed 0.7% higher at 246.40p each.
By Tom Budszus, Alliance News slot editor
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