Market News

Wal-Mart Canada Mulls Banking

Banking is the latest business that Wal-Mart Canada Inc. is considering expanding into as the grocery wars heat up with the opening of Wal-Mart's Supercentres earlier this month. According to a report in the National Post, Wal-Mart Canada recently hired Trudy Fahie—formerly of American Express Canada—to assess the company's options in the banking sector. Wal-Mart spokesperson Andrew Pelletier was quoted saying that in the next six months the company will explore a range of possible financial services it may offer its customers. The company has not, however, applied to become a bank as Canadian Tire Corp. has done. In the United States, regulatory barriers have hampered the retail giant's attempts too make inroads in banking. Source: Canadian Grocer E-Newsletter, October 31, 2006.