Saturday, September 29, 2007

Japan to Privatize Post Office on Mon

Link

TOKYO - Tiny Shirogane post office in a quiet Tokyo neighborhood, with just three clerks and one ATM, might seem far removed from the world of global finance.But when Japan Post is privatized on Monday, the Shirogane office will become part of the world's biggest commercial bank — with assets of $3.03 trillion — in a move intended to inject competition into Japan's banking sector.

"Our customers will soon experience the merits of privatization," Yoshifumi Nishikawa, president of Japan Post, said Friday. "They will see a better quality of services, or new products — in short, more convenience."