TOKYO -- Merrill Lynch Japan Securities Co. will become the first foreign-based brokerage to join the postal saving system's ATM network.
The recently established retail unit of Merrill Lynch & Co. may issue
its own cash card for the service.
Merrill Lynch Japan applied Monday to the Ministry of Posts and Telecommunications to be linked to postal savings ATMs, and the ministry approved the application the same day. There are approximately 24,000 postal ATMs in Japan.
In mid-January, the ministry plans to begin offering ATM hookups to
private financial institutions. As of Monday, 774 institutions had
applied to join the network.
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