Yucho Bank doesn’t exist yet, but by next year it could be the world’s biggest, with nearly USD2 trillion in assets.
According to a 10-year road-map for the privatization of Japan Post Corp., formerly known as the Postal Services Agency, the bank will have 233 branches in Japan and also operate through the nation’s 24,000 post offices. Currently, Japan Post hold a third of the country’s personal savings.
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Ajmer: India’s postal network is the biggest in the world with one lakh fifty five thousand post offices, Union Minister of State for Communication and Information Technology Shakeel Ahmed said here today.
At the time of freedom only 23 thousand post offices were functioning, he told reporters after offering a ‘chadar’ at the shrine here of Sufi saint Khwaja Moinuddhin Chisti.
He said postmen would now also the verify voter list, new names in the voter list and address verification for mobile connections.
BJP leader and former union minister Shahnawaj Hussain, who also paid homage at the shrine, said an airport was essential in the city.
He said that during NDA rule, he had tried his “best” for getting an aerodrome sanctioned but the state government “did not sanction” free land for the purpose.
Read MoreJapan Post Corp. President Yoshifumi Nishikawa on Monday announced the appointments of the officials who will become the presidents of the four companies to be created through the breakup of state-owned postal services provider Japan Post.
The four companies, to be created with the start of a 10-year postal privatization process in October 2007, are set to take over Japan Post’s mail delivery, post office network management, “Yucho” banking and “Kampo” insurance services, respectively. Japan Post Corp., the planning company to prepare for the breakup, is set to become the holding company for the four firms.
Nishikawa named the four chief operating officers for the four new companies. As presidents, they will execute business operations under the leadership of already appointed chief executives, who will serve as chairmen.
Hiroaki Dan, 58, now doubling as vice president of both Japan Post Corp. and Japan Post, is named COO of the mail delivery firm.
Motoyuki Terasaka, 59, president of Sumi-Sei General Insurance Co., is named COO of the firm managing the post office network.
The post of COO for the Yucho bank will go to former Financial Services Agency Commissioner Shokichi Takagi, 58, now vice president of Japan Post Corp.
Former Bank of Japan official Izumi Yamashita, 58, currently Japan Post executive, will become COO of the Kampo insurance firm.
Nishikawa also said preparatory firms for the Yucho bank and Kampo insurance firm will be set up as early as August this year.
Read MoreJapan Post Corp. submitted to the government on Monday [31 July] outlines of its 10-year postal privatization road map that includes plans to have its postal savings bank provide loans to individuals and its postal life insurance firm offer health and casualty insurance policies.
The postal savings bank will have 232 outlets while the postal insurance company will operate 81 outlets, and both will offer their services also at the postal group’s network of 24,000 post offices across the nation, the outlines show.
Japan Post plans service expansion after privatization
Read MoreA new bank and insurance company, to be created through Japan’s postal privatization next year, will try to expand their operations to match those of their private-sector rivals, informed sources said Friday.
According to the outlines of their business plans, Yucho (postal savings) Bank and Kampo Life Insurance will eliminate or raise the 10 million yen ceiling per depositor and policyholder currently set for money to be put into postal savings and postal life insurance, the sources said.
The bank will also seek to extend loans to individuals in addition to small and midsize enterprises, and the insurance firm plans to start offering medical insurance products, the sources said.
Yucho’s and Kampo’s assets will total around 226 trillion yen and 114 trillion yen, respectively, surpassing those of the two leading companies in the industries — Mitsubishi UFJ Financial Group Inc. and Nippon Life Insurance Co., the sources said.
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