Wal-Mart Stores Inc.'s Mexico unit said Tuesday it has passed the final regulatory hurdle to launching its own bank in Mexico and will open branches as soon as November.
Wal-Mart de Mexico SA, the country's largest retailer and private-sector employer, said the National Banking and Securities Commission on Monday authorized it to start banking operations. The new bank will operate under the name Banco Wal-Mart de Mexico Adelante.
"With Banco Wal-Mart we will be able to complement the services we provide to the segment of the population that currently lacks the benefits of having accessible banking services," Eduardo Solorzano, president and chief executive officer of Wal-Mart de Mexico, said in a news release.
Solorzano, who will also serve as chairman of the board for the new bank, added that the new services "will allow us to continue fulfilling our vision of helping to improve the quality of life for Mexican families."