STRATEGIC PARTNERS
January 24, 2002
TOKYO -- Dai-Ichi Kangyo Bank will link its ATMs to those operated by Japan's postal system in April and Sanwa Bank will follow suit in May, according to a report in the Nihon Keizai Shimbun Inc.
Under the agreement, customers at any of the three institutions will be able to use partner institution ATMs to withdraw cash. This is a step toward interoperability of all Japanese ATMs.
Among Japan's city banks, Fuji Bank, Tokai Bank, Daiwa Bank and Asahi Bank already have ATM links with post offices. When regional banks and smaller banks are included, some 2,100 financial institutions have their ATMs hooked up to those of the post office.
According to the report, responsibility for postal savings will be taken out of government hands and transferred to a public corporation to be set up in 2003. That corporation may be able to sell through post offices financial products offered by private banks such as small loans.
