Wal-Mart is hoping to tap into the country's booming consumer loan market with its own bank in the second half of next year.
Wal-Mart has faced stiff opposition in its bid to open to charter a bank in Utah that would handle the 140 million credit, debit card and electronic check payments it processes each year. Opponents say the so-called industrial bank would be the first step in the retailer's move toward expanding into full-scale banking with retail branches that would destroy local U.S. banks.
Wal-Mart, who met with opposition on entering the banking business in the United States has benefited from Mexico's effort to open the financial service industry to low-income clients. Wal-Mart de Mexico, or Walmex, is the 13th banking license granted this year by financial authorities.
Wal-Mart bank Federal deposit insurance application--
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