By Manila Ryce
Published Tuesday, November 28th, 2006, 9:30 am
Filed under: World: North America, Economic, World Issues
Wal-Mart, the dominant retailer in Mexico (and the rest of the world), is likely to launch its banking operation in the country thanks to a green light from the Mexican government. Earlier this year, the government also approved a plan for appliance retailer Famsa to start its own bank. A new wave of banks run by retailers is expected to steal some share of the Mexican market from traditional financial groups. Banco Azteca, a bank run by an electronics retailer, is known for turning healthy profits by lending money to working class consumers who wouldn’t normally qualify for credit at traditional banks. Wal-Mart, a foreign giant in Mexico which could dominate the banking industry too, is likely to receive final authorization sometime this week.
With banks inside every store, all any Wal-Mart would need to do is provide cheap housing to become a self-contained community. With corporations influencing and controlling countries, the next logical step would be for corporations to actually become countries. It might seem far fetched, but there’s really not much stopping them. Let Disney and Wal-Mart lead the way.
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