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Aso Says Japan Post May Not Have Expertise to Approve Mortgages

Feb. 28 (Bloomberg) --Japanese Financial Services Minister Taro Aso signaled concern about Japan Post Holdings Co.’s plan to start residential and corporate lending, saying the state-run company doesn’t have the necessary expertise.

“Japan Post isn’t capable of assessing loan applications,” Aso said during a meeting with heads of financial lobby groups at the agency today.

The state-owned parent of the bank and insurance units applied for government approval in September to start offering mortgages and corporate loans from April.

The Japanese Bankers Association is among groups that have opposed Japan Post’s entry to loan market, saying the move would distort fair competition.

To contact the reporter on this story: Takako Taniguchi in Tokyo at ttaniguchi4@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

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