Japan Post Bank applies for entry into housing loan business
TOKYO —
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.
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basroil
Did they learn nothing of the worldwide housing collapse, as well as Japan's 1990s collapse? Housing is still overvalued in many places, and all this will do is slowly destroy JPI in return for short-term "profits"
1
Scrote
The government will want to keep JPs cash available for buying bonds, not lending to others.
0
Bartholomew Harte
I don't know much about this but many people could lose it all overnight- That is Scary!
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