Wal-Mart Looks to Buy Industrial Bank in Utah

New York City, Wal-Mart Stores Inc. has applied to establish a Utah industrial bank that would allow the world’s largest retailer to process credit-card, debit-card and electronic-check transactions from its retail locations, as opposed to using third-party processors. Wal-Mart applied to the Utah Department of Financial Institutions to acquire the Utah bank. Wal-Mart’s previous efforts to buy a bank proved unsuccessful in California and Oklahoma.