August 15, 2005 -
In its latest bid for world domination, Arkansas-based Wal-Mart has announced it plans to open a financial services arm. The bank, headquartered in Utah as an industrial charter bank (ILC), would offer credit and debit cards to help grease sales at Wal-Mart stores -- talk about synergy -- but could expand into mortgages and loans.
Wal-Mart Watch offers more background: