• SHARE

IYBank, the new branch-free bank created by major retailer Ito-Yokado Co. and its convenience store subsidiary Seven-Eleven Japan Co., opened for business Tuesday offering 24-hour service through automated teller machines.

The bank will initially operate 64 ATMs at 58 Ito-Yokado and Seven-Eleven outlets in Tokyo, but plans to increase that number to 1,650 in the Tokyo metropolitan and Kinki regions by August, bank officials said.

In an opening ceremony at its Chiyoda Ward headquarters, IYBank President Takashi Anzai said more than 2,000 customers have already opened accounts with IYBank since April 7. “I feel customers have very high expectations of us,” he said.

Ito-Yokado President Toshifumi Suzuki and Sanwa Bank President Kaneo Muromachi were also present at the ceremony. Sanwa has a business tieup with IYBank.

Customers who open an account with IYBank will have to wait until the end of May before they can use its ATMs because of the wait for bank cards, the officials said.

Until then, only Sanwa Bank customers will be able to use IYBank ATMs. Beginning in June, Shizuoka Bank and Asahi Bank customers will also be able to use the machines.

IYBank, created April 10, is capitalized at 20.2 billion yen, with Ito-Yokado holding a 51 percent stake and Seven-Eleven Japan the remaining 49 percent. A capital increase to 60 billion yen is planned for the bank’s first business year ending March 31.

The bank employs 130 workers, including part-time employees.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW