Lawson Bank to launch operations on Oct. 15

Jiji Press TOKYO (Jiji Press) — Lawson Bank, a subsidiary of major convenience store chain Lawson Inc., said Friday it will start offering financial services on Oct. 15.

The bank was granted a banking license by the Financial Services Agency the same day. It is 95 percent owned by Lawson and 5 percent by MUFG Bank.

It will offer retail services such as taking deposits and transferring funds through about 13,000 ATM at Lawson stores across the nation, as well as internet banking.

Lawson became the first entrant in Japan’s banking sector in seven years, since Daiwa Next Bank, a wholly owned unit of Daiwa Securities Group Inc., in April 2011.

Lawson Bank President Masashi Yamashita told reporters, “We want to consider new settlement services.”

“Since Lawson is a national chain, we also want to contribute with local financial institutions to regional economies,” he said.

Lawson set up a preparatory company for banking operations in November 2016. The company changed its name to Lawson Bank last month after the completion of a preliminary regulatory examination by the FSA to grant a banking license.Speech

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