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

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

FILE PHOTO: Japan Post Bank Co’s logo is seen on its ATM machine in Tokyo, Japan, August 12, 2016. REUTERS/Kim Kyung-Hoon

TOKYO (Reuters) – Japan Post Bank (7182.T) said it had improperly sold investment trust products to elderly customers in a total of about 19,500 cases, the latest case of misconduct at the state-backed postal and financial group ahead of its planned privatization.

The bank said it discovered that its branches and post offices had neglected an internal rule requiring staff to confirm twice that customers aged 70 years or older be in good health and have a good grasp of its products before making any sales.

Reporting by Takashi Umekawa; Editing by Himani Sarkar

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