Lawson Bank Granted Banking License

Economy Politics

Tokyo, Aug. 10 (Jiji Press)--Japan's Financial Services Agency on Friday granted a banking license to Lawson Bank, a subsidiary of convenience store chain Lawson Inc. <2651>.

The bank will offer financial services to consumers through some 13,000 automated teller machines installed at Lawson convenience stores across Japan.

Lawson Bank, 95 pct owned by Lawson and the rest by MUFG Bank, will start offering services on Oct. 15, Lawson said.

Lawson became the first entrant in the Japanese banking sector in seven years since Daiwa Next Bank, a wholly owned unit of Daiwa Securities Group Inc. <8601>, in April 2011.

In November 2016, the convenience store chain set up a preparatory company for banking operations. After a preliminary regulatory examination was complete, the preparatory company changed its name to Lawson Bank in July this year.

[Copyright The Jiji Press, Ltd.]

Jiji Press