Yesterday a new bank

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Yesterday a new bank opened in Tokyo. With bank mergers happening all the time, a new bank isn't a surprise.

But this bank is a little bit different; it's owned by a retail company that runs Japan's 7-11 convenience stores. The new bank, IYBank, has no branches, only ATMs.

I can imagine the business planning that went into this venture. A bunch of conbini clerks standing around wishing that their shop had an ATM (most in Japan don't) and filling in a bunch of Suggestion Cards. Management reads them, and a new bank is born.

How do you start a bank, anyway? Where does the money come from...overinflated prices on chewing gum?

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