Ito-Yokado Co. and Sony Corp. separately unveiled basic plans to set up banking subsidiaries to a Liberal Democratic Party panel Friday, according to a senior LDP official.
The supermarket chain and the electronics company sought support for their respective plans to obtain banking licenses for their planned subsidiaries at a meeting of the legislators of the LDP's Research Commission on the Finance and Banking Systems, said Hideyuki Aizawa, who chairs the panel.
Ito-Yokado officials told the panel that the retailer will limit its banking business at first to letting customers with accounts at its planned banking subsidiary remit money to other bank accounts and make payments for goods and services, panel sources said.