Sony Bank

Source: Wikipedia, the free encyclopedia.
Sony Bank, Inc.
Sony Financial Holdings
Websitesonybank.net

Sony Bank, Inc. (ソニー銀行株式会社) is a Japanese

ATMs. It is one of the largest online banks in Japan and a subsidiary of Sony Financial Holdings, the financial business unit of the multinational conglomerate Sony Group Corporation. Its main business is offering online banking with foreign currency deposits, investment trusts
, and home loans.

History

A reduction in regulations in Japan at the end of the 1990s encouraged a number of companies to enter the banking sector for the first time.[2]

Sony faced challenges as it began Sony Bank. In 2001, when Sony Bank was founded, Web use was limited in Japan as compared with the United States.

music.[4]

Sony announced its new banking unit in March 2000.[5] The bank started doing business on June 11, 2001.[3] The company began with ¥37.5 billion[5] of capital. It had around 80 employees at the time.[4] It added 340 online accounts during its first hour of operation.[3] At the time, the company offered yen-deposit accounts, investment trusts, card loans, and bank payments.[3] It hoped to expand into foreign currency deposit accounts, credit cards, and housing loans by 2002.[3] It also hoped to allow its customers to use automated teller machines from the Japan Post.

In 2001, Sony Bank hoped to accumulate 400,000 customers by 2004.

Sony Financial.[3] Still, Paul Jamieson of Gomez Advisors warned that customers would have high expectations for Sony Bank, given Sony's existing reputation for the ease of use and elegant design of its products.[3]

Shigeru Ishii was appointed and served as the first president of Sony Bank.[6]

As of 2005 the company faced weak earnings.[7]

By 2007, Sony Bank had accumulated 500,000 customers.[8] That year, Sony planned to add an electronic trading platform.[8]

In 2011, Sony had considered expanding its banking business into the Australian market,[9] only to abandon the idea in 2013.[10]

In 2019, Sony Bank started an English-language online banking service to meet the need of increasing foreign residents in Japan.[11]

Ownership

Upon the bank's founding in 2001, Sony owned 80% of the bank.

Sony Financial Holdings became the intermediate holding company of the bank.[7]

automated teller machines.[3] Sony Group is considered to be a Mitsui keiretsu. Sumitomo Mitsui had reduced its share to 12.6% by 2005.[7]

Upon the bank's founding in 2001, JPMorgan Chase owned a 4% stake in the bank.[3] JPMorgan had hoped to expand its asset and wealth management services in Japan.[3] The company reduced its ownership to 3.2% by 2005.[7] It sold off its entire stake in 2005, claiming to have discussed the move with Sony in advance.[7] By the divestiture made by JP Morgan, Sony increased its ownership to 87.4%.[7]

In 2008, Sony Bank became a wholly owned subsidiary of

Sony Financial Holdings after Sumitomo Mitsui sold its remaining stake to Sony.[12]

References

  1. ^ "CEO message". Retrieved 2024-01-10.
  2. ^ "Sony Plans Online Bank". New York Times. Feb 1, 2001. p. W.1.
  3. ^ a b c d e f g h i j k l m n o Bach, Deborah. "Sony Counting on its Brand as a Magnet for its Web Bank." American Banker: 12. ProQuest Research Library. Jun 12 2001. Web. 27 May 2012.
  4. ^ a b c d e Bach, Deborah. "Sony Seeks Japanese License for Web Bank; Morgan has Role." American Banker: 1. ProQuest Research Library. Feb 01 2001. Web. 27 May 2012.
  5. ^ a b Stephanie Strom (NYT), Dan Fineren (NYT), Elizabeth Olson (NYT) (Mar 31, 2000). "World Business Briefing". New York Times. p. C4 – via ProQuest.{{cite news}}: CS1 maint: multiple names: authors list (link)
  6. ^ "ENTERPRISE: COMPANIES: Online and in the Money." Asiaweek Aug 10 2001: 1-. ProQuest Research Library. Web. 27 May 2012.
  7. ^ a b c d e f "J.P. Morgan Chase & Co." Wall Street Journal: 1. ABI/INFORM Global. Sep 15 2005. Web. 27 May 2012.
  8. ^ a b Pilling, David. "Camera Sales Raise Sonys Game." Financial Times: 23. ABI/INFORM Global. Jul 27 2007. Web. 27 May 2012.
  9. ^ Sony eyes online Australian banking July 28, 2011, The Age. Retrieved July 28, 2011.
  10. ^ "Japanese giant Sony axes plan to set up online home loan business in Australia". Herald Sun. January 20, 2014.
  11. ^ Incorporated, Sony Bank. "Sony Bank Launches New Service "English online banking"". www.prnewswire.com. Retrieved 2020-05-25.
  12. ^ "Sony Bank to become wholly owned subsidiary" (PDF). Sony Financial Holdings.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Sony_Bank&oldid=1194648054"