M&S invests £6m in rebranding of financial service

Marks & Spencer will plough about £6m into the rebranding of its Financial Services arm as M&S Money later this year, as it embarks on an unprecedented assault on the UK personal finance market.

The retail giant, which this week reported a 21.1% rise in full-year group operating profit to £761.8m, has settled on the M&S Money identity.

The name will be carried on all finance products from later this year. The change has still to be ratified at board level.

The rebranding will be scheduled to coincide with the national roll-out of M&S's combined credit and loyalty card, which has been on trial in South Wales since September 2002. M&S is investing £60m in the infrastructure required for the national expansion.

M&S Money will be supported by a £6m marketing spend that will include ads, direct marketing, point-of-sale activity, an online campaign and PR. It is understood that Rapier will handle the creative work for the rebranding task.

The financial services arm reported a 2.6%increase in operating profit to £86.4m.