Wal-Mart Entry into Banking Could Come in Utah

Wal-Mart Entry into Banking Could Come in Utah

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SALT LAKE CITY (AP) -- News that retail giant Wal-Mart is poised to enter the banking business in Utah remains in the realm of rumor despite newspaper and banking industry magazine reports that say the move is imminent.

Arkansas-based Wal-Mart could become a financial institution under an industrial loan company charter.

But to date the company has not applied for a charter from the state.

The executive director of the state's Department of Financial Institutions -- G. Edward Leary -- could not say if the state has even a preliminary conversation with Wal-Mart officials about a charter application.

An industrial loan company charter, or I-L-C, allows commercial entities to provide some financial services such as loans and credit.

Under an I-L-C charter, a retail company could process some financial transactions, like debit card purchases, internally.

(Copyright 2005 by The Associated Press. All Rights Reserved.)

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