Wal-Mart has no plans to open bank branches and its proposal to start limited financial operations poses no threat to community banks, the retailer said on Monday, directly confronting one of the most regularly voiced concerns over its bank application.
“We have absolutely no plans to open bank branches,” Jane Thompson, president of Wal-Mart Financial Services, told a federal regulatory agency at a public hearing on the retailer’s widely watched application to open a limited-purpose bank.
