Tag: Japan

Two new Godzillas to emerge in Japan.(POSTAL BANKS)

Posted by | Aug 19, 2006 | |

Japan’s largest bank and largest life insurer are to be formed by the break-up of the country’s post office, Japan Post, according to operational plans for privatisation presented to the government by the postal group.

Japan Post will be reorganised in October 2007 into a holding company with four operating units: banking, life insurance, mail delivery and post office management. Assets of the life insurance company will be about (yen) 114 trillion (USD1 trillion), more than double the (yen) 50 trillion of Nippon Life Insurance, the largest private sector life insurer. The postal savings bank will have about (yen) 227 trillion in assets, outstripping the country’s largest bank, Mitsubishi UFJ Financial Group, with its (yen) 187 trillion.

The new postal bank venture has been provisionally named Yucho Bank. It will have 233 branches in Japan and also operate through the nation’s 24,000 post offices. Currently, Japan Post holds a third of the country’s personal savings.

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Japanese Inventors Develop Home Delivery Service Pay-By-Card Method

Posted by | Aug 14, 2006 | |

Takayuki Yamagami of Kyoto, Japan, and Takahiko Kurisu of Tokyo, have developed a pay-by-card method and a pay-by-card system for home delivery service.

According to the U.S. Patent & Trademark Office: “A home delivery contractor enters into an affiliation contract with a credit card company and also enters into a merchandise price collection consignment contract with a merchandise seller. If a consumer orders merchandise with the merchandise seller on the Internet, then the merchandise seller makes a request to the home delivery contractor for home delivery. Upon receipt of the delivered merchandise, the consumer passes to the home delivery contractor a credit card of the credit card company who has entered into the affiliation contract with the home delivery contractor, whereby the home delivery contractor settles the price for the merchandise with a portable card reader device.”

The inventors were issued U.S. Patent No. 7,086,590 on Aug. 8.

The patent has been assigned to Sagawa Express Co. Ltd. of Kyoto, and JCB Co. Ltd., Tokyo.

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Post office network firm to have regional chief operating officers

Posted by | Aug 4, 2006 | |

The private company to be created next summer to manage the nationwide network of post offices will have regional chief operating officers, Yoshifumi Nishikawa, president of Japan Post Corp., said Friday.

The COOs will be responsible for making post offices’ over-the-counter services friendlier to people in their area, according to Nishikawa, who revealed the plan at a meeting of the government’s postal privatization committee.

The new company, which will oversee OTC services at some 24,000 post offices, is one of the four companies to be created in October 2007 when the 10-year process of privatizing Japan’s postal services will get under way.

The three other companies will be in charge of mail delivery, postal savings and “kampo” life insurance. Japan Post will become the holding company of the four privatized units.

The committee discussed Japan Post’s overall plan toward the privatization, with members welcoming a plan to list the postal savings bank and life insurance company in four years after establishment.

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Japan draws up plans for world's largest bank

Posted by | Aug 1, 2006 | |

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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Presidents for Japan Post's Successor Firms Named

Posted by | Jul 31, 2006 | |

Japan 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.

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