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US FDIC says Wal-Mart will pull bank application

WASHINGTON, March 16 (Reuters) - The U.S. Federal Deposit Insurance Corp. said on Friday that Wal-Mart Stores Inc. WMT.N will withdraw an application to open a specialty bank.

“Wal-Mart made a wise choice,” FDIC Chairman Sheila Bair said in a statement. “This decision will remove the controversy surrounding their intentions.”

Wal-Mart, the world’s largest retailer, was not immediately available for comment.

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