Japanese convenience store chain seeking banking license
(6 October 2016 – Japan) Japan’s third-largest convenience store chain, Lawson plans to apply for a banking license from the Financial Services Agency according to a report in Japanese publication Yomiuri Shimbun.
The report indicates that the convenience store chain will likely hold an equity stake of 95 percent in the new bank while Bank of Tokyo-Mitsubishi UFJ will hold 5 percent. The company aims to boost the number of its customers and its sales through improved financial services.
Lawson currently has 11,000 automated teller machines in its stores nationwide, allowing customers to make withdrawals from banks with which it has tie-ups.
After entering the banking sector, it plans to start such new businesses as deposits for individual customers and credit cards. The company will also aim to increase the number of its partner financial institutions, including regional banks, which currently sits at 80.
The move comes at a time when bank and retail partnerships are proving successful. Japanese banks such as Seven Bank and Aeon Bank both have affiliations with major retailers, and have achieve solid results, taking advantage of the strong ability of affiliated convenience stores and general merchandise stores.
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