Post Office Privatization Plan Released
Japan Post has announced some details of its privatization plan. The entity will be split into four units -- banking, insurance, mail delivery, and counter-service management. The bank, to be known as Yucho Bank, will be the world's largest with some $2 trillion in assets. It will offer consumer financing and also sell bonds and investment trusts (i.e., mutual funds). The privitazation plan will be carried out over ten years. At least for now, total head-count will decrease only slightly (AP, Yomiuri)