Wal-Mart clarifies that they do not plan to open bank branches

Wal-Mart clarifies that they do not plan to open bank branches

Wal-Mart (NYSE:WMT) has clarified that they have no current plans to open bank branches. In addition, the retailing giant also said that their interests in setting up limited financial operations posses no threat to local community banks operating in the country.

Jane Thompson, president of Wal-Mart Financial Services said in a statement: “We have absolutely no plans to open bank branches. Our commitment not to branch and our independent in-store branch strategy is not simply a promise; it is a very visible and rapidly growing reality, locked in by hundreds of long-term contracts.”

The company had earlier applied to open an industrial bank, or industrial loan company. This was planned for the state of Utah and for enabling electronic payments from its stores. Wal-Mart’s application had said that it does not intend to open branches or serve the general public. However, it still managed to generate intense opposition from some members of Congress and financial institutions.