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Despite reports, Musgrave has 'no plans to launch a bank'

A Sunday Independent article today suggested that the Cork-based retail company was planning on setting up its own bank.

Image: http://www.musgravegroup.com/en/index.php

MUSGRAVE HAS MOVED to rubbish claims that it is to set up a bank next year.

In today’s Sunday Independent, it is reported that the retail group has plans “to set up a new Irish bank”.

It said that “well-placed sources” had told it that Musgraves was planning on utilising its almost 700 stores as a network for a range of financial products.

However, Musgraves subsequently released a statement saying:

Further to a report in today’s Sunday Independent, Musgrave wishes to clarify that it has no plans to launch a bank.

It added:

We are 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.

Musgraves added that “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”.

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Musgraves is behind SuperValu, Superquinn and Centra stores.

Read: Two Irish banks raise funds in transactions not seen for several years>

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