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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. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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