Business / Corporate

Lawson to apply for preliminary banking license examination

JIJI

Convenience store chain Lawson Inc. said it will soon apply for a preliminary regulatory examination for a banking license.

Lawson Bank Preparatory Co., 95 percent owned by Lawson and 5 percent by Bank of Tokyo-Mitsubishi UFJ, will file the application with the Financial Services Agency.

The preparatory company will change its name to Lawson Bank after the examination is completed. The bank is expected to start operations sometime in the next fiscal year, which starts Sunday.

Lawson Bank plans to utilize ATMs installed in Lawson stores and run by a Lawson unit.

The preparatory company will receive ¥130 billion in loans from a syndicate of banks, including the unit of Mitsubishi UFJ Financial Group Inc.