Wal-Mart Receives Approval
The world's No. 1 retailer tried to win a bank charter in the U.S. and got shot down. But the Mexican Banking & Securities Commission on October 2nd said "Si," thus clearing the way for branches to open in November.
The bank, called Banco Wal-Mart, will start small, with branches in a dozen or so of the 964 company stores and restaurants in some 130 Mexico cities.
The government hopes Wal-Mart's entry will help extend banking services to the 80% of Mexicans who lack them and also bring down fees charged by big Mexican banks.
NOTE: This also might make Wal-Mart de Mexico (OTC: WMMVF) an interesting addition to any portfolio.
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The bank, called Banco Wal-Mart, will start small, with branches in a dozen or so of the 964 company stores and restaurants in some 130 Mexico cities.
The government hopes Wal-Mart's entry will help extend banking services to the 80% of Mexicans who lack them and also bring down fees charged by big Mexican banks.
NOTE: This also might make Wal-Mart de Mexico (OTC: WMMVF) an interesting addition to any portfolio.
* * * * *
posted by Bob Moser at
8:50 PM
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