Market News

Wal-Mart Applies to Open Bank in Canada

Wal-Mart Canada Corp. has applied for a licence to set up a bank, a move that would allow the retail giant to expand financial services in the country. The retailer's Canadian unit applied to the minister of finance to establish a bank under the name Wal-Mart Canada Bank and, in French, La Banque Wal-Mart du Canada. Wal-Mart would have competition in the Canadian banking business; Loblaw Cos., the country's largest supermarket chain, and auto-supplies retailer Canadian Tire Corp., have each obtained charters to operate banks that offer loans through their credit-card operations. http://www.canada.com/montrealgazette/news/business/story.html? id=937b5d4d-9fa8-4e62-94ec-4e99311de4cd Source: Canadian Grocer E-Newsletter, September 26, 2008