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Wal-Mart rolls out bank in Mexico.(Company overview)
- Article from:
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Arkansas Business
- Article date:
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February 25, 2008
- Author:
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Copyright informationCOPYRIGHT 2008 Journal Publishing, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AFTER FAILING TO LAND A BANK charter in the United States, Wal-Mart Stores Inc. took its plan south of the border.
On Nov. 12, Wal-Mart opened the first four branches of Banco Wal-Mart in Mexico. Banco Wal-Mart already has 22 locations and is expected have at least 80 by the end of the year.
Meanwhile, Wal-Mart's plans to open a bank in the United States appear to be dead.
Earlier this month, the Senate Banking Committee approved a bill that would prevent retailers from owning the sort of limited bank charters that Wal-Mart previously had sought, just as they are prevented from owning commercial banks. The bill now is headed to the full Senate for a vote, but a ...