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Wal-Mart drops plan to open Bank

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Wal-Mart Stores Inc. has dropped the plans to open its own bank, putting an end to a two-year controversy that roiled financial-services companies that feared direct competition from the world’s largest retailer.

Wal-Mart notified the Federal Deposit Insurance Corp. that it was withdrawing an application to open a so- called industrial bank in Utah. This unit would have helped to process credit-card and debit- card transactions internally.

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