Mexico welcomes Wal-Mart bank

[Doondoo]

Wal-Mart Stores Inc.'s banking ambitions, snarled in the United States, are on a fast track in Mexico.

Mexico is eager to increase bank competition and has given the local unit of the world's biggest retailer the go-ahead to provide consumer banking services. Wal-Mart de Mexico SAB plans to win customers at branches it will set up at its 576 stores starting in July.

Wal-Mart, which is Mexico's largest retailer in sales, will compete against some of the biggest multinational banks, which regulators complain lend too little money and charge too much in interest and fees.

Mexican authorities, including central bank Governor Guillermo Ortiz, hope Wal-Mart and three smaller retailers that are being granted bank charters start to change that.

"These projects will help us have a bigger, deeper banking system," says Guillermo Zamarripa, who is responsible for issuing banking licenses at the Mexican Finance Ministry.


http://www.tennessean.com/apps/pbcs.dll/article?AID=/20070219/BUSINESS01/702190337

[redqueen]

1. So I guess they expect Wal Mart will charge less in fees and interest ..

Time will tell.

[Double T]

2. After the worldwide economic crash, there will ONLY be one place left to shop......

and work; 'WE' will ALL be paid in the new worldwide currency, Wal-Dollars directly deposited into your 'Wal-Mart Bank' bank account.

[The2ndWheel]

3. And to sleep

to eat, live, cook, etc. We'll all be in Wal-Mart doing Wal-Mart, while Wal-Marting the next Wal-Mart. Then we'll Wal-Mart back to Wal-Mart, and Wal-Mart. Just so that we get bored, we'll have to Wal-Mart, obviously. Maybe we could Wal-Mart if we wanted to, but we still need Wal-Mart.

[Double T]

4. In essence, The Worldwide United Nations of Wal-Mart.

[SoCalifer]

5. Naaa

History tells us that we are nearing a time where the poor and working class are about at their end of being exploited and embezzled. Soon there will be an 'attitude' adjustment. In the end its the worker who, once he realizes, controls ALL wealth and therefor ultimately has all the leverage.

What a beautiful sight it would be to witness the whole world's working class go on a mass general strike.

[Vidar]

6. Corruption welcomes corruption.

[high density]

7. I thought Wal-Mart did not want to do retail banking?

Guess that was a lie.