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National News

Japan postal system begins privatization

Japan began privatization of its postal system Oct. 1, creating the world's largest commercial bank in an attempt to make Japan's banking sector more competitive.

Japan Post becomes the world's biggest commercial bank. It has assets of ¥350 trillion, eclipsing Citigroup, with assets of $2.22 trillion (¥258 trillion).

Under the 10-year privatization plan, Japan Post will be broken into four businesses: an insurance company, savings bank, mail courier and post office management firm. (AP)

Shukan ST: Oct. 12, 2007

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National News Japan postal system begins privatization Japan began privatization of its postal system Oct. 1, creating the world's largest commercial bank in an attempt to make Japan's banking sector more competitive. Japan Post becomes the world's biggest commercial bank. It has assets of ¥350 trillion, eclipsing Citigroup, with assets of $2.22 trillion (¥258 trillion). Under the 10-year privatization plan, Japan Post will be broken into four businesses: an insurance company, savings bank, mail courier and post office management firm. (AP) Shukan ST: Oct. 12, 2007 (C) All rights reserved