Musgrave denies plan to open a bank

The Musgrave group has poured cold water on reports that it is to open a fully fledged bank, but is planning on entering the financial services market.

The group said it was at the very early stages of planning and it would not be until the end of next year at the earliest that it would roll out a limited suite of finance products for its customers.

A spokesperson for the group, which owns a number of retail brands including SuperValu, Superquinn and Centra, said it had no plans to become a lending bank.