STRATEGIC PARTNERS
February 26, 2002
Arrangements between financial institutions seeking to bolster their retail banking and supermarket chains hoping to offer greater convenience to customers are increasing the number of in-store bank branches in Japan, according to the Nihon Keizai Shimbun.
Daiei Inc. will open a supermarket in Kobe on March 26 hosting a branch of Hanshin Bank - a first for Daiei.The bank will station two employees to provide routine services and two ATMs. If the experiment succeeds, Daiei plans to begin setting aside space for banks in other stores.
Hiroshima Bank will open an in-store branch in an Ito-Yokado Co. supermarket in April. Ito-Yokado plans to make space for in-store banking services in all its stores.In addition to setting up special spaces for bank branches in its new supermarkets, Ito-Yokado intends to create such spaces in existing stores.
Mycal and other rival supermarket chains already have in-store bank branches in some outlets. But Ito-Yokado is the first to attempt to set up space for in-store branches throughout its network. The retailer's move will likely accelerate the trend of tie-ups between distributors and financial institutions.
Two Ito-Yokado supermarkets slated to open in Tokyo by this summer are to contain in-store bank branches, one an Asahi Bank branch and the other a Sakura Bank branch.
Customers will be able to open new accounts, deposit and withdraw money and obtain other services, even on weekends and after 3 p.m., when banks' regular branches are closed.
Other banks with plans for branches in supermarkets include Shonai Bank, Shinjo Shinkin Bank, Ogaki Kyoritsu Bank and Fuji Bank.
