Musgrave has denied reports that it intends to open a banking service in Ireland, saying it was not planning to offer loans to customers.

A report in today Sunday Independent claimed the company was planning to become a potential “third force” in banking, with its network of stores around the country becoming a “ready-made distribution network” for products such as debit and credit cards, loans and insurance. It said the service would be launched next year.

However, the company, which owns the Superquinn, Supervalu and Centra retail brands in Ireland, said it was considering the possibility of offering insurance products to its customers, but said it was only in the early stages of such plans. Commercial and personal loans are not part of its potential financial offering.

“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,” a statement from the company said. “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.”

If it follows through on plans to offer financial services to customers, it will be following in the footsteps of other successful retailers, such as Tesco and Sainsbury.