Wal-Mart abandons its quest to obtain banking rights

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Wal-Mart abandons its quest to obtain banking rights
Wal-Mart U.S.A. has stopped its efforts to receive permission to open instore banking branches. The world’s largest retailer had designed a plan to establish an own bank, but it decided to withdraw its permission request with the Federal Deposit Insurance Corporation.

The process of receiving this banking permit would have taken many more years due to the many petitions issued by opponents of Wal-Mart’s banking plans. When filing its permission request, Wal-Mart assumed it would receive permission within months. But now this is no longer an option. The retail behemoth has decided to develop alternative services to offer its customers.
Published 20-03-2007 (16:18) by Pascal Kuipers

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