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

04-10-24 0740ET