Latin American Zeitgeist consultant emeritus
"Eu sou o rei dessa folia, pra delírio da Fiel"
Seed Newsvine
Banco Wal-Mart de México Adelante, S.A.
Posted by Colin Brayton on November 16, 2006
El Financiero reports today that Wal-Mart, which has yet to receive approval from U.S. banking regulators to operate a retail bank — and treat depositor’s money like hedge-fund capital, whether they like it or not, no doubt, which was essentially the outcome of the FOBAPROA affair — has found that, in Mexico, no hay problemas.
Con coyote no hay aduana.
México, 16 de noviembre.- La Secretaría de Hacienda y Crédito Público anunció oficialmente la constitución de cinco nuevos bancos que se enfocarán a cinco distintos nichos de la población. Con estas nuevas entidades, explicó la dependencia en un comunicado, se generará una mayor competencia en beneficio de los usuarios de los servicios financieros. Las nuevas instituciones son Prudential Bank, S.A., Banco Wal-Mart de México Adelante, S.A., Bancoppel, S.A., Banco Fácil, S.A., y Banco Comercial del Noreste, S.A.
“Massive protests” are planned by small business owners and others:
México, 16 de noviembre.- La cadena de tiendas minoristas lanzó nuevos anuncios en la radio y la televisión para trabajar en su imagen, en tanto que las protestas se acumulan en contra de su entrada planeada al sector bancario y su presencia masiva en México. El gobierno del país dijo el miércoles que apoya la petición de Wal-Mart de México, controlada por Wal-Mart Stores, para abrir un banco a los consumidores, y espera dar una autorización formal en dos semanas.
One will want to look at the approvals in light of the Fobaproa deposit insurance affair — passed by PAN and then immediately used to bail out privatized state banks, owned by personal friends of former president Salinas de Gortari of the PRI, at taxpayer expense.
This was a major campaign issue in the July election.
Wal-Mart is accused of having violated Mexican election laws with impunity in 2006 and so has been the target of disruptions by the “vote by vote” social movement lead by López Obrador.
UOL reports that Wal-Mart will invest $875 million in Brazil this year, and has just opened a Sam’s Club in the São Paulo neighborhood of Guarulhos.
Good luck with that.
I’m afraid to go to Guarulhos.
Those camelô will fuck you up if you mess with them.
