To: swisstrader who wrote (3495 ) 1/25/2000 6:33:00 AM From: Yamakita Respond to of 6020
From February's J@pan Inc magazine (sub required): Softbank Empire-Building in Bid for Bank by Aaron Cohen Softbank moved to further expand its financial activities by bidding - in conjunction with a group of partners - for the temporarily nationalized Nippon Credit Bank on November 12. One group member, Ito-Yokado, which owns the 7-Eleven chain of convenience stores, pulled out of the deal and decided to instead apply for its own banking license and install ATMs in its outlets (see "7-Eleven Takes on Japan's Banks," -. These announcements point out the radical and ongoing change that will speed up the transformation of banking into e-banking. The last of the Greco-Roman revival columns is about to fall. The traditional "bank" is dead. Demotion is the work of the Web, and traditional bankers, if they even comprehend that their structures are falling on their heads, are restrained by the lingering effects of regulations, inherited arch-conservatism in management, and a huge overhead of largely redundant personnel, branches, and blotting paper. Softbank's self-driven change into an Internet company accelerated considerably in November. The month saw, in addition to establishment of an online automotive goods store, the announcement of a Net distributor of music, Nasdaq Europe, a joint venture with the Getty Images picture archive, and the Softbank Finance Corporation's Net-related leasing firm. The latter company, a joint venture with Orix, Fuji Bank, and Fuyo Lease, will specialize in leasing equipment to individuals and small- and medium-scale businesses starting online shops. Full article: japaninc.net