From Forbes.com

US electronics giant General Electric Co plans to enter Japan’s banking market as early as next year, following its consumer financing business in the country, the Yomiuri Shimbun reported Saturday.

General Electric, a diversified manufacturer and financial house, plans to offer banking services to individual customers by setting up a branch of one of its overseas banks in Japan, the newspaper said.

GE runs many banks in Europe, including GE Money Bank.

GE is also considering a capital tie-up or joint venture with a domestic financial institution as it may take time for the company to obtain a license to establish the planned branch, the major daily said.

The company has been engaged in consumer financing in Japan since 1998 when it purchased consumer lender Lake Co. It is expanding retail products, including housing loans launched in April under the brand name of GE Money.

If it starts offering banking services such as deposits and account settlements, GE can build a strong foundation in Japan’s retail financial sector, the daily said.