Japan Post Bank admits improper sales to elderly clients, discovers 19,500 cases

Financial Post | Sep 13, 2019 at 7:52 AM
  • Japan Post Bank Co Ltd said on Friday it had improperly sold investment trust products to elderly customers in about 19,500 cases, the latest instance of misconduct at the state-backed postal and financial group before a planned share sale.
  • The misconduct casts a shadow over the government’s plan to sell $10 billion worth of its shares in Japan Post Holdings to pay for reconstruction in areas hit by the 2011 earthquake and tsunami.
  • Japanese banks have struggled with years of near-zero interest rates and a dwindling population that have made the traditional lending business less profitable.