Lawson, a convenience store operator based in Japan, is planning to enter the banking business, in association with the Bank of Tokyo-Mitsubishi UFJ (BTMU).
The retailer plans to utilise the ATMs installed at its stores to offer customers a range of financial services including opening new bank accounts, lending to individual customers and bank transfers.
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According to sources, Lawson will own an equity stake of over 95% in the business, while BTMU will own a stake of below 5%.
The new bank is expected to be launched by the middle of next year, if approved a banking license from the Financial Services Agency.
The move would make Lawson the third Japanese retailer to foray into the banking sector, after Seven & i Holdings that entered banking business in 2001, and supermarket operator Aeon- that was granted a banking license in 2007.
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