MEXICO CITY — The Mexican Government's Finance Ministry says it will support an application from Wal-Mart in Mexico, called Walmex, to operate a bank in its branches.
Mexico's Finance Ministry said that it would support the application by Wal-Mart's Mexican unit to open a full-service bank with as many as 800 branches in that country, according to press reports.
A spokesman for Walmex has said that the company expects the banking license to be approved within the next two weeks.
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Raul Arguelles, Walmex's vice president of corporate affairs, said in August that the retailer planned to open full-service branches offering savings accounts and basic lines of credit in some of its 826 stores across the country. The bank eventually would offer mortgages, other types of loans, and insurance, Arguelles said.
The idea of Wal-Mart running a bank or other financial entity has been a topic of controversy in the U.S.
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