On July 24, 2006, “U.S. banking industry representatives pressed federal lawmakers to block a bid by Wal-Mart Stores Inc. to open a bank, a move they say would damage the industry and blur the divide between banking and commerce”. The industry that was worried that Wal-Mart would “use the application as an entry point into full-service banking, a move they say would drive many banks out of business”. [Bloomberg News, July 25, 2006]
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