Windsor Star

Wal-Mart Canada files for Canadian banking licence

- TORONTO

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.

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