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Walmart to divest banking operations in Canada, Chile

Walmart Inc. agreed to sell its banking operations in Canada and Chile as the company plans to focus on core retail capabilities.

The company disclosed the deals in a regulatory filing, but the buyers and terms were not unveiled.

The retail giant is selling Walmart Canada Bank to financier Stephen Smith and private equity firm Centerbridge Partners LP, The Globe and Mail reported May 17, citing an interview with Smith.

Smith, who is the chairman, president and CEO of mortgage lender First National Financial Corp., told the news outlet that he expects the deal to close within six months.

Walmart did not immediately respond to a request for comment from S&P Global Market Intelligence.