Wal-Mart has finalized preparations for opening its own bank in Mexico, according to latest reports, with branches in the region to be called Banco Walmart de Mexico Adelante.
Wal-Mart has many stores in Mexico as well as the US and is considered to be one of the retail giants in the region. Sources from the company revealed that it has been authorized to begin the operations by Mexico National Banking and Securities Commission.
With Banco Wal-Mart, we will be able to complement the services we provide to the segment of the population that currently lacks the benefits of having accessible banking services, said Wal-Mart de Mexico's chief executive Eduardo Solorzano.
Wal-mart in Mexico is considered to be the largest retailer and private sector employer with about 950 business units including restaurants and clubs as well as superstores.
It is the second retailer to enter Mexico's banking sector after Mexican retail and financial services group Elekra ws gives permission to launch a banking operation in 2002.
Earlier this year there was massive controversy that led to Wal-Mart exiting its plans to obtain a US banking license.