Chiba store to get first IY Bank branch

IY Bank Co., a subsidiary of major retailer Ito-Yokado Co., will open its first branch offering a full range of financial services inside an Ito-Yokado outlet in the city of Chiba on April 27, bank officials said Monday.

IY Bank currently operates 10,097 ATMs, primarily at Seven-Eleven convenience stores nationwide, and has never had a branch with on-site staff.

The Ito-Yokado group will bring together all of its financial services, including credit card business unit IY Card Service Co., at the branch to be set up inside the Ario Soga shopping complex.

Staff will help customers open bank accounts at teller counters and use its ATMs. The branch will act as an agent and accept applications for financial services and products of other banks and brokerages with which IY Bank will tie up.

The move comes at a time when domestic megabank groups are stepping up efforts to launch one-stop financial service outlets that provide a host of services ranging from banking to sales of stocks, bonds, mutual funds and insurance policies.

While these banks provide services mainly through their group companies, IY Bank said in a statement Monday it plans to forge alliances and act as an agent for four major banks, HSBC Group, seven brokerages, credit card firm JCB Co. and major travel agency JTB Corp. by the end of May.

The new trend of one-stop financial shops was sparked by the lifting on Dec. 1 of a ban on banks providing brokering services.

IY Bank said it plans to open two more similar financial shops by the end of next March.