A Japanese unit of Citigroup of the United States is ready to tie up with the vast nationwide network of state-run post offices in entering the new pension business.
"We stand ready to support them in any way that we can," Gary Jackson, director of defined-contribution plans at the Tokyo-based SSB Citi Asset Management Co., said in an interview.
More than 24,000 post offices operated by the Posts and Telecommunications Ministry will be allowed to sell financial products designed for the planned pension plans modeled on 401(k) retirement plans in the United States. Jackson said no deal has been made yet, adding "That's a decision that they will have to make."