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Report: Japan's Lawson seeks entry into banking

Japanese convenience store operator Lawson Inc. is lookingto enter the banking business in 2018 through a partnership with , Kyodo News Agency reported Oct. 5, citing "industry sources."

Lawson plans to set up a company with the lender in Novemberin preparation for the establishment of the new bank, the sources said. Theyadded that Lawson will likely own 95% of the new bank, while Bank ofTokyo-Mitsubishi will own a 5% stake.

Lawson neither denied nor confirmed the report, saying Oct.5 that no decision has been made regarding its entry into the banking business.