Guest Column
Wal-Mart's banks target late summer
- By Romina Roman
- El Universal
April 6, 2007
Banco Wal-Mart de México Adelante will be open for business by late summer, the new retail bank´s director said recently.
Julio Bosco Gómez also said the company is in the process of certifying its systems operations, so it remains unable to specify the full variety of services it will offer.
Bosco Gómez did confirm the bank will focus on financial products aimed at clients who shop at stores in the Wal-Mex chain.
Wal-Mex, a division of Wal-Mart Stores, Inc., will open up to 12 banking centers inside its retail stores this year. An additional 50 to 60 branches are expected to open in 2008. Commissions and interest rates have not been announced.
The country´s largest retailer will target shoppers with limited access to credit by offering simple savings accounts and consumer credit.
During the bank´s first phase, it will also offer small business loans, said Wal-Mex CEO Eduardo Solórzano.
The company hopes the new project will increase customer loyalty and shopping frequency.
Solórzano said he expects the bank to be profitable by its fourth year.
Currently Wal-Mex has an agreement with BBVA-Bancomer, which operates ATMs and small branches at most of its retail stores.
In an interview with EL UNIVERSAL, Bosco Gómez said the company would collaborate with Bancomer however they could, but did not offer specifics.
In addition to opening banks, the retail giant plans to open 125 stores this year, including 58 Bodega Aurreras, 15 Supercenters, five Sam´s Clubs, 11 Suburbias and 32 restaurants.
The company expects sales to increase by 12 percent.
Wal-Mex has invested an estimated US$1 billion for the expansion, according to a Banamex analysis. The money will be used for the inauguration of stores and distribution centers as well as remodeling existing stores.
Article at: http://www.mexiconews.com.mx/24063.html
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