News

Mexico D.F. Wal-Mart is currently looking into the possibility of expanding its financial business in Latin America and is allegedly considering opening new banks in Chile and Argentina.



Reportedly, Wal-Mart has been carrying out feasibility studies to open new banks in South America from Mexico, the market where it started its retail banking operations in late 2007. Thus, the announcements made that year saying that Wal-Mart hoped to boost its financial business have revived.



Part of the original plan was entering the credit business in Argentina and Chile. But in order to do that, Wal-Mart had to wait until the necessary business platform had been created, something the company has already achieved in Chile through the Presto card.



The world’s largest retailer in terms of sales is reported to have its own consultants already working in Chile and in Argentina to develop the project which, if it is to materialize, will start in 2012.



In Mexico, Wal-Mart’s banking strategy is the same as that of its large stores, that is, a strategy focused on the low-income population and aimed at weakening its rivals’ position. In the long term, the plan would be to go after Citigroup and the Spanish BBVA and Santander, the leading banks in Mexico.



Source: America Economía Terra.cl