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Wal-Mart (WMT) has cleared the final regulatory hurdles in Mexico, and will could open branches as quickly as November, said the stores Mexico division. The new Wal-Mart bank will operate under the name Banco Wal-Mart de Mexico Adelante.

In a press release, president and chief executive officer of Wal-Mart de Mexico, Eduardo Solorzano said, "With Banco Wal-Mart we will be able to complement the services we provide to the segment of the population that currently lacks the benefits of having accessible banking services."

Solorzano added it's another step in helping Mexicans and their families to increase their quality of life.

Wal-Mart de Mexico SA, is Mexico's largest employer in the private sector, as well as the largest retailer in the country. At this time company has 964 commercial units in the country, which includes restaurants, Sam's Clubs and supercenters.