News / Utah / 

Wal-Mart Dropping Bid to Establish Bank After Months of Debate

Wal-Mart Dropping Bid to Establish Bank After Months of Debate

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

WASHINGTON (AP) -- Wal-Mart is withdrawing its application for a bank charter --- which was based in Salt Lake City.

This after months of heated debate over whether the world's largest retailer should be allowed to gain the added financial power of a federally insured bank.

The news comes just a day after details came to light of leases Wal-Mart recently signed with banks that operate branches in hundreds of its stores --- reserving the company's right to offer an array of future financial services in its stores.

According to the lease terms --- Wal-Mart can offer future services including mortgages, consumer loans, home equity loans, investment and insurance products and any other type of service or product that the company might develop.

Wal-Mart's application to establish an industrial loan corporation based in Utah had prompted a firestorm of opposition from banks, unions, lawmakers, and consumer and community organizations.

(Copyright 2007 by The Associated Press. All Rights Reserved.)

Most recent Utah stories

Related topics



Catch up on the top news and features from, sent weekly.
By subscribing, you acknowledge and agree to's Terms of Use and Privacy Policy.

KSL Weather Forecast