4 Japan Post firms to be called Japan Post Group

Companies to emerge under Japan Post after its privatization in October 2007 will be called Japan Post Group, according to the public postal corporation’s privatization plan draft obtained by The Yomiuri Shimbun.

Japan Post Corp., which will become the holding company of the four separate entities, is considering calling its savings bank Yucho Ginko (postal savings bank), and its postal life insurance firm Kampo Seimei Hoken (postal life insurance).

Under the law concerning privatization of postal services, the business operation boundaries of the privatized companies must be the same as those of Japan Post at the time of privatization.

But, Yucho Ginko will consider opening a securities brokerage and credit card businesses and offering foreign currency savings.

Kampo Seimei Hoken will also consider gradually raising the ceiling of insurance benefits from 10 million yen at the time of privatization to 20 million yen.