Wal-Mart Canada Corp.: Application to Establish a Bank

[Davey Boy 2.0]

From the Canada Gazette

Notice is hereby given, pursuant to subsection 25(2) of the Bank Act, that Wal-Mart Canada Corp. intends to apply to the Minister of Finance for letters patent incorporating a bank to carry on the business of banking in Canada.

The bank will carry on business in Canada under the name Wal-Mart Canada Bank in the English form and La Banque Wal-Mart du Canada in the French form, and its head office will be located in Mississauga, Ontario.

Any person who objects to the proposed incorporation may submit an objection in writing to the Office of the Superintendent of Financial Institutions, 255 Albert Street, Ottawa, Ontario K1A 0H2, on or before November 3, 2008.

September 13, 2008

WAL-MART CANADA CORP

[hamilton]

No surprise here. Loblaws did it years ago with the PC Bank.

[phishtaper]

interesting idea. walmart is able to sell goods at low prices because it browbeats its suppliers, and historically has had huge (negative and positive) impact on local retail markets. i wonder how it getting into this might affect the banking market. my guess is that service fees would drop, but at what cost (and to whom).

[Booche]

I know a couple of people who strictly deal with the PC bank and continually pimp it to me. Cant say I am not intrigued.

[hamilton]

I used to like PC. I was an original member, back when you had to be an employee in order to get an account. But I had some trouble with them a few years ago, and was appalled at the customer service. Next time I am in Canada I am going to shut down my account.

Having said that, I had zero problems up until that point.