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Wal-Mart gets final OK to open bank in Mexico

November 23, 2006|From Reuters

Mexico's top retailer, Wal-Mart de Mexico, received final authorization to operate a bank that will offer savings and loan services to low-income earners with limited access to credit.

Wal-Mart de Mexico, controlled by Bentonville, Ark.-based Wal-Mart Stores Inc., is one of five new consumer banks that will launch operations soon as the government expands the lending business beyond traditional banks that often are criticized for charging high transaction fees and interest rates.

Wal-Mart is slated to start operations in the second half of 2007.

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