Mexico City – Wal-Mart, already Mexico’s largest retailer, is hoping to tap into the country’s booming consumer-loan market when it opens its own bank in the second half of next year, executives said on Monday.
While its efforts to enter the banking business in the U.S. met opposition, Wal-Mart Stores Inc. has benefited from Mexico’s efforts to open the financial services industry to low-income clients, a segment of the population largely ignored by Mexico’s large retail banks.
Last week the finance secretary approved five new banks, including one by Wal-Mart de Mexico, or Walmex, bringing to 13 the number of new banking licenses granted this year by financial authorities.
“A large percentage of our clients do not have access to banking services,” Eduardo Solorzano, Walmex’s president, said Monday.
Walmex said its bank, Banco Wal-Mart de Mexico Adelante SA, will start operations in the second half of 2007, offering savings accounts, debit cards, and credit lines to its individual and small-business customers.
Solorzano said the bank will operate in the company’s stores, but not its restaurants. Walmex has about 558 retail stores – including Wal-Mart Supercenters and Sam’s Clubs – and 311 restaurants.
