It may be just a name -- but it matters a whole lot to the people who count.
IY Bank Co., a subsidiary of retailer Ito-Yokado Co., said Friday it will change its name to Seven Bank on Oct. 11, looking to emphasize its affiliation with Seven-Eleven convenience stores.
The rapidly expanding bank currently operates 10,334 automated teller machines nationwide, primarily at Seven-Eleven stores.
Seven-Eleven Co. is also a subsidiary of Ito-Yokado.
IY Bank has been bothered by its name since the company's establishment four years ago, according to IY Bank President Takashi Anzai.
"We have always been asked what IY stands for," Anzai told a news conference. "We also have to explain that we do business through ATMs at Seven-Eleven."
The name change will probably cost about 1 billion yen to implement -- mainly the cost of replacing signs on ATMs and at stores. But the bank says it has already considered this additional cost in its earnings outlook for the business year through next March.
The decision also matches the timing for ATM upgrades, Anzai said.
IY Bank is currently developing a new generation of ATMs, with details to be released in July, the company said.