Wal-Mart Canada lobbies for bank status

TORONTO: Wal-Mart Canada has applied for a banking license, which is expected to be received favourably by regulators given the tightening credit climate in Canada.

TORONTO: Wal-Mart Canada has applied for a banking license, which is expected to be received favourably by regulators given the tightening credit climate in Canada.

Prospectus Associates, a government relations firm in Ottawa, is lobbying the government on behalf of Wal-Mart Canada. In the notice of its impending application to the Minister of Finance to establish a banking service, the company wrote, “The bank will carry on business in Canada under the name Wal-Mart Canada Bank in the English form and La Banque Wal-Mart du Canada in the French form.”

Wal-Mart Canada did not return calls for comment. In its notice, the retailer did not disclose what kind of banking services it would provide, but it is expected to offer credit card, mortgage, and investment products.



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