MEXICO CITY_Mexico's Treasury Department has given the green light for the opening of five new banks, including one by the country's largest retailer, Wal-Mart de Mexico.

In a press release Wednesday, the department said the banks will serve different market niches, and will generate more competition in the sector to the benefit of consumers.

"The new banks will orient their services to segments of the population that traditionally haven't been served by banks, achieving greater penetration of banking services," it said.

A number of Mexican retailers have turned to consumer banking in recent years with a view to selling financial products to their mainly low-income clients, a segment of the population that has had little to do with Mexico's mostly foreign-owned, large retail banks.

The department said it expects to grant the final authorization for the five new banks within the next two weeks.

The banks to be authorized are Banco Wal-Mart de Mexico Adelante SA, Banco Comercial del Noreste SA, Banco Facil SA, Bancoppel SA, and Prudential Bank SA, bringing to 13 the number of new banking licenses granted this year by financial authorities.