Walmex Follows Famsa To The Bank

Wal-Mart de México (Walmex), the subsidiary of the US retail giant, it to apply to Mexican authorities for a banking license, following a trend first set by local retailer Elektra. Mexican Grupo Salinas set up Banco Azteca in 2002 to complement its network of electro domestic outlets operated by the group under the brand name “Elektra.” And local retailer Famsa has just been granted a license by the banking regulator to set up its financial arm, Banco Ahorro Famsa, which is due to start operating at the start of next year. Another retailer, Coppel, is awaiting approval of a banking license.