Labor Group Opposes Wal-Mart Canada's Bank Application

[Omaha Steve]

http://online.wsj.com/article/SB122609505615209491.html?mod=googlenews_wsj

* NOVEMBER 7, 2008, 5:09 P.M. ET


By ANDY GEORGIADES

TORONTO -- The Canadian Labour Congress, an organization of the country's national and international unions, is opposing Wal-Mart Canada Corp.'s application to establish a bank.

In a letter to Canada's Office of the Superintendent of Financial Institutions, or OSFI, CLC President Kenneth Georgetti said his group is prepared to make a detailed submission about "Wal-Mart's character and integrity to operate as a bank in Canada" should the government hold a public inquiry into the application.

He also says in the letter that the CLC has been "informed" that The Public Interest Advocacy Group, or PIAC, has filed an objection to Wal-Mart Canada's banking charter. Officials from PIAC, which describes itself as a nonprofit group that provides legal and research services on behalf of consumer interests, couldn't be reached for comment.

The letter is dated Nov. 3, which was the deadline for objections to be filed with OSFI.

Wal-Mart Canada, a unit of U.S. retailing-giant Wal-Mart Stores Inc., announced in September its intent to start a bank. Andrew Pelletier, Wal-Mart Canada's vice-president of corporate affairs, said it would be inappropriate to comment out of respect for the application process.

"However, we believe our application fits with the broad interest among industry groups and consumer advocates for greater access to affordable banking services," Mr. Pelletier told Dow Jones. "We hope to join the other Canadian retailers already providing similar financial services.

FULL story at link.