Japan Post Bank applies for entry into housing loan business
Japan Post Bank, an affiliate of Japan Post Holdings, has applied to Ministry of Internal Affairs and Communications and Financial Services Agency for a license to launch a housing loan service.
The bank said it plans to expand mortgage services to individuals by designing its own products, Sankei Shimbun reported.
The bank also asked for a permission to make loans to firms independently, while Japan Post Insurance, has requested approval to sell insurance for educational spending at lower prices.
However, some organizations in the industry, such as the Japanese Bankers Association and the life Insurance Association of Japan, oppose the entry of JP Bank and JP Insurance into new businesses, saying that it would threaten private firms.