Ben Franklin
October 22nd 2005, 05:25 AM
Japanese Parliament OKs Postal Reform Bills, Sets in Motion Creation of World's Largest Bank (http://biz.yahoo.com/ap/051014/japan_postal_reform.html?.v=2)
TOKYO (AP) -- Japan's parliament approved the privatization of the country's postal service Friday, setting in motion the creation of the world's largest private bank and delivering a crucial victory in Prime Minister Junichiro Koizumi's reform program.
The bills authorize splitting up and selling off Japan Post's delivery, savings deposit and insurance services by 2017. The system controls some 330 trillion yen ($2.9 trillion) in savings and insurance deposits.
Aside from insurance holdings, the system has more than 200 trillion yen ($1.75 trillion) in savings deposits. That's more than the world's largest private bank, the recently formed Tokyo-based Mitsubishi UFJ, which has total assets of around 190 trillion ($1.66 trillion).
U.S.-based Citigroup Inc. had $1.55 trillion in assets, based on company figures on June 30.
TOKYO (AP) -- Japan's parliament approved the privatization of the country's postal service Friday, setting in motion the creation of the world's largest private bank and delivering a crucial victory in Prime Minister Junichiro Koizumi's reform program.
The bills authorize splitting up and selling off Japan Post's delivery, savings deposit and insurance services by 2017. The system controls some 330 trillion yen ($2.9 trillion) in savings and insurance deposits.
Aside from insurance holdings, the system has more than 200 trillion yen ($1.75 trillion) in savings deposits. That's more than the world's largest private bank, the recently formed Tokyo-based Mitsubishi UFJ, which has total assets of around 190 trillion ($1.66 trillion).
U.S.-based Citigroup Inc. had $1.55 trillion in assets, based on company figures on June 30.