Wal-Mart (WMT) might not be finding it easy to move into banking here in the U.S. but in Mexico plans for opening their own bank are meeting a different reception.
Final approval for the bank has been given by the Finance Ministry and Banco Wal-Mart de Mexico Adelante will be operating during the second half of 2007.
Most Mexicans do not have bank accounts and Wal-Mart's plans to offer them the opportunity to have one is making it hard for local activists to stir public outrage. Wal-Mart will be the David to the Goliaths of banking such as Citigroup (C) and HSBC, who have made little if any effort to attract the bulk of the poor and working-class of Mexicans, as reported by this NYTimes.com article.
Wal-Mart is a giant in Mexico as well as here--the country's largest retailer and private employer, with more than 135,000 employees--and continues to grow with 877 outlets, 504 food markets, a national restaurant chain and some 60 small department stores with eight more stores and four restaurants opening in October alone.
Read the full article here.
Comment Preview