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Wal-Mart Withdraws Application to Become a Banker
BENTONVILLE, Ark. - After facing many months of controversy and opposition over its plans to enter the banking business, Wal-Mart Stores, Inc. here said Friday it is withdrawing the application it made in July 2005 for an Industrial Loan Company (ILC) charter. The retailer cited the lengthy approval process as the main factor in its decision to pull out.