Wal-Mart Canada Receives Final Approval To Start Bank
June 03 2010 - 3:27PM
Dow Jones News
Wal-Mart Canada Corp. confirmed that it has received final
approval from the Canadian government to establish a bank, which
opens the door for the retailer to offer a much broader range of
financial-services products.
The Canadian unit of discount department store giant Wal-Mart
Stores Inc. (WMT) first made its bank application in September
2008, to Canada's Office of the Superintendent of Financial
Institutions, or OSFI.
Andrew Pelletier, Wal-Mart Canada's spokesman, said the retailer
plans to offer "value-focused" financial products and services to
meet the everyday needs of customers. "We will announce our first
bank product in the near future," Pelletier said. He declined to
elaborate.
Wal-Mart already offers certain financial services, such as
money transfers, through a partnership with Western Union Co. (WU),
but a banking license will allow it to expand into such things as
savings accounts and credit cards. Many of Wal-Mart Canada's
competitors established banks long ago, including Canadian Tire
Corp. (CTC.A.T), Sears Canada Inc. (SCC.T), and Loblaw Cos.
(L.T).
Trudy Fahie, who has served as Wal-Mart Canada's vice-president
of financial services, has been named president and chief executive
of Wal-Mart Canada Bank.
Company Web Site: http://www.walmart.ca
-By Andy Georgiades; Dow Jones Newswires; 416-306-2031;
andy.georgiades@dowjones.com
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