Marks & Spencer is to launch its own shop-based bank, according to reports.

Industry organ Retail Week has reported that the first branch will open in July in M&S’s flagship Marble Arch store.

It also said M&S had another 20 are planned.

The retailer’s financial services brand, M&S Money, currently has over three million customers and is a major credit card provider.

Retail Week said the new bank’s products would include mortgages.

M&S would not comment on the story at the time of going to press.