Sakura Bank Teams With Fujitsu to Launch Net Bank in Japan

The Sakura Bank Ltd and Fujitsu Ltd will jointly establish an online-only bank aimed at Japan's internet and online information service users. The managerial talent for the "network" bank will be provided by Sakura. Service will be offered through @nifty, the online information service which Fujitsu plans to begin operating in November 1999. The bank itself should commence operations in the first half of 2000. A name has yet to be chosen, but the bank will begin life with 20bn yen, 90% of it Sakura's and the remainder provided by Fujitsu. With around 20 employees and one main office, the bank will offer liquid and timed deposits, remittances, transfers and small loans. Customers will be able to conduct transactions through @nifty, internet, mail, telephone and fax. The partners aim to open a million accounts.

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