TOKYO -- Sakura Bank and am/pm Japan Co. have reached an agreement under which the bank will set up branches in am/pm outlets and operate them jointly with the major convenience-store chain, according to the Nihon Keizai Shimbun.
Sakura Bank will install ATMs developed in-house inside am/pm stores, which will post Sakura Bank signs. Customers will be able to withdraw cash and make deposits, and am/pm staff will accept loan applications. The bank may offer asset-management advice at the stores later.
After the first minibranch opens in downtown Tokyo in March, the two companies will open additional sites in 500-600 outlets during fiscal 1999.
Customers of other banks will be able to get cash, although they will pay an extra fee. Initially, service will be available from 7 a.m. to 11 p.m., but the companies plan to begin offering round-the-clock ervice by fiscal 2000.
Sakura Bank hopes to attract clients and cut costs. Installing ATMs in convenience stores costs about one-tenth as much as setting up in ordinary ATM locations. The convenience store chain hopes to expand its customer base and boost sales.
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