Wal-Mart Stores Inc. (WMT) to Rule the World
Wal-Mart, already Mexico's largest retailer, is hoping to tap into the country's booming consumer-loan market when it opens its own bank in the second half of next year, executives said on Monday.
While its efforts to enter the banking business in the United States met opposition, Wal-Mart Stores Inc. has benefited from Mexico's efforts to open the financial services industry to low-income clients, a segment of the population largely ignored by Mexico's large retail banks.
Last week the Finance Secretary approved five new banks, including one by Wal-Mart de Mexico, or Walmex, bringing to 13 the number of new banking licenses granted this year by financial authorities.
While its efforts to enter the banking business in the United States met opposition, Wal-Mart Stores Inc. has benefited from Mexico's efforts to open the financial services industry to low-income clients, a segment of the population largely ignored by Mexico's large retail banks.
Last week the Finance Secretary approved five new banks, including one by Wal-Mart de Mexico, or Walmex, bringing to 13 the number of new banking licenses granted this year by financial authorities.
Labels: Wal-Mart, Wal-Mart Stores Inc., WMT
posted by Stock Administrator @ 7:14 PM
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