Wal-Mart Canada files for Canadian banking licence
As worldwide markets plunge, WalMart Canada is vowing to carry its low-cost credo into the financial sector.
The biggest mass merchant in Canada has applied for a banking licence, joining the ranks of retailers such as Canadian Tire, Sears and Loblaw.
Two years after luring a former American Express Canada executive to head up its financial services department and expand into non-bank financial products, the retailer posted mandatory public notice on Saturday of its official bank application to the Office of the Superintendent of Financial Institutions.
“A licence would allow us get into banking products and the obvious one would be a credit card, but if you look at other retailers the breadth of (potential) products is huge,” said WalMart Canada spokesman Kevin Groh.