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North Pacific Bank establishes alliance with insurance agency

North Pacific Bank Ltd. has established an alliance with all-in-one insurance agency Hoken No Madoguchi Group Inc.

Under the alliance, the Japanese regional bank aims to offer a wider range of insurance products, while the insurance agency can tap North Pacific Bank's customers, the two companies separately said Dec. 26.

Japanese regional banks have been reaching out to insurance agencies to increase income from fee business amid thinning interest margins. North Pacific is the 18th regional bank that has entered an alliance with Hoken No Madoguchi, the agency said.