M&S sells financial services operation

M&S has struck a deal with banking giant HSBC to sell its financial services operation for £762m (€1.1bn), but will remain a partner and take a 50% share of future profits.

Proceeds from the disposal of M&S Money, which has 2.7 million cardholders and total lending of £2.5bn (€3.7bn), will form part £2.3bn (€3.4bn), which M&S boss Sturat Rose annuonced would be returned to shareholders.