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. Last Updated: 07/27/2016

Wal-Mart Pursues Bank




CHICAGO -- Wal-Mart Stores Inc., the world's No. 1 retailer, is seeking regulatory approval to buy a bank in the United States, expanding its blue chip name into a new area of business.


In a filing released by the Office of Thrift Supervision on Tuesday, Wal-Mart said it wanted to buy Federal BankCenter, an Oklahoma savings bank, to create a "marriage of a retail banking business to a new and large customer base."


Wal-Mart said its three-year business plan called for opening five bank branch offices at Wal-Mart Supercenters to serve as a test bed for further expansion in the future. Wal-Mart Supercenters, which number nearly 600 in the United States, combine a full-line supermarket with a discount department store.