Ready or Not: Here Comes Banco Wal*Mart

February 22, 2008

Wal-Mart withdrew its application for a US banking charter in 1Q2007. While the retailer will have a different game plan for US banking and payments capabilities, the rest of the world is still fair game for its banking aspirations.

In November 2007, Wal*Mart de México (WMT) opened its first consumer bank, Banco Wal*Mart, in Toluca – an industrial town near Mexico City. The company plans to launch 80 more branches by the end of 2008.

Will this initiative be successful? Will the established Mexican banking community suffer at the hands of Banco Wal*Mart? What will this initiative mean for Fidelity National Information Services (FIS), the bank’s new primary core banking and IT supplier?

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