Green light for Wal-Mart’s Mexican banks

Wal-Mart’s Mexican division has been cleared to open banks in that country and will most likely do so starting next month. Wal-Mart said it won approval to run bank branches from the Mexican Banking Commission yesterday and company executives are eagerly looking forward to operating banks:

"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," said Wal-Mart de Mexico's chief executive Eduardo Solorzano.

Wal-Mart has enjoyed astonishing success in Mexico over the past few years as they are the largest private-sector employer and continue to expand into the country. Nevertheless, some Mexicans are not pleased with Wal-Mart; one of the latest controversies is that the company does not pay teens that bag groceries in stores.

Image- Foreign Policy Passport

Sources- AFP, BBC News, Bloomberg, The Latin Americanist