Musgrave Group has issued a statement to clarify that it has "no plans to launch a bank", following claims in yesterday's Sunday Independent that it was 'plotting a sensational entry' into the banking sector.
According to the paper, while the retailer's plans to launch a bank are "in their infancy", it plans to launch its banking business in late summer 2014.
In their statement, Musgrave rejected such claims, saying that it is instead "in the early stages of looking at providing services such as insurance products to our customers, but these plans do not include personal or commercial loans.
Musgrave is exploring the financial services space after receiving customer feedback that this is one of a number of services they would like to see offered by our retail brands."
It added: "We would reiterate that we have no plans to launch a bank. It is important to note that all plans in the financial services area are in their infancy; therefore nothing will be launched in the short to medium term."
© 2013 - Checkout Magazine by Stephen Wynne-Jones