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Japan Post Bank

Japan Post Bank Co., Ltd. (株式会社ゆうちょ銀行, Kabushiki-gaisha Yū-cho Ginkō, commonly abbreviated to ゆうちょ銀行 (Yū-cho Ginkō), or just ゆうちょ (Yū-cho)), is a Japanese bank headquartered in Tokyo which is part of the Japan Post Holdings postal and financial services group.

As of November 2008 it was reported as being the world's biggest deposit holder. It is one of only two banks to have branches in every prefecture in Japan, the other being Mizuho Bank.

History

Postal savings was introduced to Japan in 1875 and operated as a government department until privatization of the postal service was passed under the government of Prime Minister Junichiro Koizumi.

The bank was established on 1 September 2006, as part of the reorganisation of Japan Post into Japan Post Holdings.

Prior to 2009, Japan Post was not connected to the Japanese Bankers Association (Zenginkyo) payment processing network, making it impossible to wire money directly between Japan Post and most other Japanese banks. Japan Post Bank joined the network in January 2009 and became a full JBA member in October 2011.

Post Bank

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Japan Post

Japan Post (日本郵政公社, Nippon Yūsei Kōsha) was a government-owned corporation in Japan that existed from 2003 to 2007, offering postal and package delivery services, banking services, and life insurance. It was the nation's largest employer, with over 400,000 employees, and ran 24,700 post offices throughout Japan. One third of all Japanese government employees worked for Japan Post. As of 2005, the President of the company was Masaharu Ikuta, formerly Chairman of Mitsui O.S.K. Lines Ltd.

Japan Post ran the world's largest postal savings system and was often said to be the largest holder of personal savings in the world: with ¥224 trillion ($2.1 trillion) of household assets in its yū-cho savings accounts and ¥126 trillion ($1.2 trillion) of household assets in its kampo life insurance services, its holdings accounted for 25 percent of household assets in Japan. Japan Post also held about ¥140 trillion (one fifth) of the Japanese national debt in the form of government bonds.

On October 1, 2007 Japan Post was privatized following a fierce political debate that was settled by the general election of 2005. Following privatization, the Japan Post Group companies operate the postal business.