Lawson Bank to Start Operations on Oct. 15

August 10, 2018

Tokyo- Lawson Bank, a subsidiary of major Japanese convenience store chain Lawson Inc. said Friday it will start offering financial services on Oct. 15.

The bank was granted a banking license by the Financial Services Agency the same day. It is 95 pct owned by Lawson and 5 pct by MUFG Bank.

It will offer retail services such as taking deposits and transferring funds through some 13,000 automated teller machines at Lawson stores across Japan, as well as Internet banking.

Lawson became the first entrant in Japan's banking sector in seven years, since Daiwa Next Bank, a wholly owned unit of Daiwa Securities Group Inc. in April 2011.

Lawson Bank President Masashi Yamashita told reporters, "We want to consider new settlement services."

"Since Lawson is a national chain, we also want to contribute with local financial institutions to regional economies," he said.

Lawson set up a preparatory company for banking operations in November 2016. The company changed its name to Lawson Bank last month after the completion of a preliminary regulatory examination by the FSA to grant a banking license. Jiji Press