International retail player,Wal-Mart,plans to relaunch Mexico finance through banking provided in its
outlets in Mexico,using thousands of store employees to provide
Wal-Mart Mexico hopes to make gains in a sector largely run by
America's Citigroup and Spain's BBVA.
Wal-Mart is by far the largest
retailer in Mexico and plans to offer Mexico finance services,including credit
cards and savings accounts,to their millions of customers. Almost 70% don't
currently use a bank.
Chief Executive of Wal-Mart de Mexico,Eduardo Solorzano,said,
"By year-end,we'll offer our consumers almost 20,000 cashiers for the bank.
That's all the cashiers we have," reported Reuters news agency.
brands of Wal-Mart in Mexico include Wal-Mart Supercenter,Sam's Club and Vips.
They are controlled by Wal-Mart Stores Inc in the US,a company listed on the
New York Stock Exchange.
As of May 31,2009 Wal-Mart in Mexico operated
1,239 units throughout 231 cities nationwide,including self-service stores,
membership wholesale clubs,apparel stores,and restaurants. Its stock has also
been listed in the Mexican Stock Exchange since 1977.
Find out more about Mexico finance.