Tuesday, June 19, 2007

Wal-Mart Financial Services

From MarketWatch article:

"Wal-Mart Stores Inc. plans to unveil new financial services Wednesday as it retrenches from its failed attempts to launch a charter bank.

"Following up on a promise to bring financial services beyond its check-cashing, express bill payments, money orders and money transfers to its customers, the world's largest retailer is expected to roll out mortgages and home-equity loans or lines of credit.

"Wal-Mart also is likely to announce that it will increase the number of stores in which it operates MoneyCenters , the financial-services only counter, from the current 170.


"Beefing up financial services also bows to comments Chief Executive Lee Scott has made in recent outings, including the annual meeting, of wanting to "add value" to his customers' lives by developing all sorts of low-cost programs and services.

Increasingly, retailers are adding financial services. Home Depot and Best Buy, for example, have long had credit plans while Costco offers a number of financial services, including auto financing and insurance. And just this week Kroger Co. added new products to its personal-finance site that include mortgages, home equity and pet insurance."


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