Kinki Osaka Bank Ltd. will replace the cars and minibikes employees use to visit clients with a fleet of 220 electric bicycles by the end of September, hoping to cut costs and reduce greenhouse gas emissions.
Although some delivery firms have started replacing vehicles with electric bicycles, it is rare for a financial company to introduce them on such a large scale.
Kinki Osaka, a subsidiary of Resona Holdings Inc., had purchased 30 Eneloop bikes from Sanyo Electric Co. by the end of June and will expand its fleet further by the end of September.
It will slash the number of minibikes from 350 to 130, cars from 90 to four and minicars from 250 to 170.
With the planned replacement, the bank is expected to cut ¥47 million in fuel costs a year and reduce its carbon dioxide emissions by 290 tons annually.
The Osaka-based bank also aims to focus on local clients it may not have visited as frequently as it could have.