Press Release


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January 31, 2001



Progress toward Establishing an Internet Bank

- Sony Corporation Today Applies for a Preliminary Judgement for a Banking License -

Sony today applied to the Financial Services Agency to obtain a Preliminary Judgement for a Banking License, following its March 30, 2000 announcement of its plans to establish an Internet Bank.


Company Profile (Tentative)
Company Name:
Sony Bank Corporation
Head Office:
Zojirushi Tokyo Building 4F , 1-6-18 Minamiazabu, Minato-ku, Tokyo
President:
Shigeru Ishii (currently General Manager, Financial Service Business Development Dept., Sony Corporation)
Directorate:
7 persons (5 from Sony Corporation, one from Sakura Bank and one from J.P. Morgan)
Capital:
- 37.5 billion (Sony 80%, Sakura Bank 16% and J.P. Morgan 4%)
Employees:
Approx. 80 at start of operations

Operations
Target for Operational Start:
Through June 2001
Target Number of Customer Accounts:
Approx. 400,000 (after 3 years of operation) approx. 600,000 (after 5 years of operation)
Target Amount of Deposits:
- 600 billion (after 3 years of operation)
- 1 trillion (after 5 years of operation)



Services
The intention is to provide comprehensive personal banking services which exploit the special merits of the internet.The basic services at start of operations would include yen-deposit accounts, investment trusts, card loans, bank payments etc.
Within the first year of operations it is also projected to develop foreign currency deposit accounts, credit card business, housing loans, etc.
Details will be given as these services come on-line.

Schedule
If the Financial Services Agency grants the present application, we would move forward to a formal application for a banking license with a view to starting operations through June 2001.

The Sony Bank Corporation will not have physical branch offices, but will instead use the powerful channels of the internet and the ATM network to offer "one-to-one" financial services which meet diverse individual customer needs.As these services mature, they will have the potential to create synergies with other key segments of the Sony group's finance, net-related and electronics business.

Sakura Bank will provide industry expertise and access to its comprehensive domestic ATM network.In addition, J.P. Morgan plans to provide the personal financial advice tools ("advice engine") which it currently offers over the internet.