TOKYO - IYBank, the new banking unit of Ito-Yokado Co. Ltd., Japan's largest retail group, has begun 24-hour ATM services. The new bank hopes to carve out a niche by operating round-the-clock ATMs, 365 days a year, compared to the more limited hours of some major Japanese banks.
IYBank started limited retail banking services in Tokyo through 64 ATMs at supermarkets and stores operated by business partner Seven-Eleven Japan Co. Ltd., Japan's largest convenience store chain.
The new bank, which became operational on May 7, plans to expand its ATMs to 3,650 in the next year and to more than 7,000 over the next five years.
In an opening ceremony, Takashi Anzai, IYBank president, said the bank received 2,000 phone calls and 450,000 hits on its Web site in one week, mostly with inquiries about opening an account.
Ito-Yokado became the first Japanese retailer to enter the banking sector. IYBank specializes in retail services such as deposits and bill payments.
IYBank is capitalized at $164.3 million (20.25 billion yen), with Ito-Yokado owning a 51 percent stake and Seven-Eleven owning the rest.
