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October 28, 2003
Establishing a Financial Holding Company
Tokyo, Japan - To strengthen its financial business, Sony plans to set up a financial holding company comprising its three companies: Sony Life Insurance Co., Ltd., Sony Assurance Inc. and Sony Bank Inc. This is scheduled for April 2004, subject to the approval of the relevant financial authorities.
With deregulation progressing, the competitive landscape in the financial sector has changed and we believe that there is an increasing need to offer customers integrated services tailored to their individual needs. Sony will exploit the strategic linkages between the life insurance, non-life insurance and banking services to offer these kinds of integrated solutions.
Sony's financial business has been developed with specific focus on individual customers and our financial business is expected to create value for them through direct communication. Through the creation of this holding company we aim to enhance the confidence of our customers, discharge our responsibility to shareholders, and strengthen the risk management system required for financial business.
In order to allow these financial businesses to procure their own funds for growth and to realize their latent value, Sony will consider an IPO for the holding company, when there is a clear indication of a viable growth strategy in each of these businesses.
By the establishment of this financial holding company, Sony aims for the most appropriate and efficient business structure for its financial sector, and the consequent provision of attractive services. These in turn will enhance value for the entire Sony Group.