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. 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.

REUTERS KR DB2041