To install click the Add extension button. That's it.

The source code for the WIKI 2 extension is being checked by specialists of the Mozilla Foundation, Google, and Apple. You could also do it yourself at any point in time.

4,5
Kelly Slayton
Congratulations on this excellent venture… what a great idea!
Alexander Grigorievskiy
I use WIKI 2 every day and almost forgot how the original Wikipedia looks like.
Live Statistics
English Articles
Improved in 24 Hours
Added in 24 Hours
Languages
Recent
Show all languages
What we do. Every page goes through several hundred of perfecting techniques; in live mode. Quite the same Wikipedia. Just better.
.
Leo
Newton
Brights
Milds

From Wikipedia, the free encyclopedia

Sony Bank, Inc.
Native name
ソニーバンク, ソニー銀行
Subsidiary
IndustryBanking
FoundedJune 11, 2001 (2001-06-11)
HeadquartersNishikichō, Tokyo, Japan
Key people
Yiuchiro Sumimoto (CEO)
ProductsForeign currency deposits, investment trust, home loans
¥6.6 billion (2019)
Total assets¥3,079.4 billion (2019)
OwnerSony
Number of employees
455 (2015)
ParentSony Financial Holdings
Websitesonybank.net

Sony Bank (Japanese: ソニーバンク, ソニー銀行) is a Japanese commercial bank established in April 2001. It operates as a direct bank and has no physical branches or ATMs. It is one of the largest online banks in Japan and a subsidiary of Sony Financial Holdings, the financial business unit of the Japanese electronics company Sony. 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.[1]

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.[2] Only 24 million people used the Internet every month at that time.[2] Still, the company remained hopeful that infrastructure would improve.[2] Sony claimed its move into banking went hand-in-hand with its shift from a manufacturing focus to a focus on content such as films and music.[3]

Sony announced its new banking unit in March 2000.[4] The bank started doing business on June 11, 2001.[2] The company began with ¥37.5 billion[4] of capital. It had around 80 employees at the time.[3] It added 340 online accounts during its first hour of operation.[2] At the time, the company offered yen-deposit accounts, investment trusts, card loans, and bank payments.[2] It hoped to expand into foreign currency deposit accounts, credit cards, and housing loans by 2002.[2] 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.[2][3] In February 2001, the company had hoped to accumulate $5.2 billion in deposits;[3] it adjusted that figure downward to $4.1 billion in deposits three months later.[2] In February 2001, the company aimed to gain $8.6 billion in deposits by 2006.[3] Analysts at the time were generally upbeat about the prospects for the bank. Raymond H. Graber of TowerGroup suggested the bank could synergize with the other operations of Sony Financial.[2] 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.[2]

Shigeru Ishii was appointed and served as the first president of Sony Bank.[5]

As of 2005 the company faced weak earnings.[6]

By 2007, Sony Bank had accumulated 500,000 customers.[7] That year, Sony planned to add an electronic trading platform.[7]

In 2011, Sony had considered expanding its banking business into the Australian market,[8] only to abandon the idea in 2013.[9]

In 2019, Sony Bank started an English-language online banking service to meet the need of increasing foreign residents in Japan.[10]

Ownership

Upon the bank's founding in 2001, Sony owned 80% of the bank.[2] By 2005, its stake had risen to 84.2% and Sony Financial Holdings became the intermediate holding company of the bank.[6]

Sumitomo Mitsui Financial Group owned a 16% initial stake in the company and allowed Sony Bank customers to access its 7,600 automated teller machines.[2] Sony Group is considered to be a Mitsui keiretsu. Sumitomo Mitsui had reduced its share to 12.6% by 2005.[6]

Upon the bank's founding in 2001, JPMorgan Chase owned a 4% stake in the bank.[2] JPMorgan had hoped to expand its asset and wealth management services in Japan.[2] The company reduced its ownership to 3.2% by 2005.[6] It sold off its entire stake in 2005, claiming to have discussed the move with Sony in advance.[6] By the divestiture made by JP Morgan, Sony increased its ownership to 87.4%.[6]

In 2008, Sony Bank became a wholly owned subsidiary of Sony Financial Holdings after Sumitomo Mitsui sold its remaining stake to Sony.[11]

References

  1. ^ "Sony Plans Online Bank". New York Times. Feb 1, 2001. p. W.1.
  2. ^ 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.
  3. ^ 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.
  4. ^ a b Stephanie Strom (NYT), Dan Fineren (NYT), Elizabeth Olson (NYT) (Mar 31, 2000). "World Business Briefing". New York Times. p. C4 – via ProQuest.CS1 maint: multiple names: authors list (link)
  5. ^ "ENTERPRISE: COMPANIES: Online and in the Money." Asiaweek Aug 10 2001: 1-. ProQuest Research Library. Web. 27 May 2012.
  6. ^ 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.
  7. ^ a b Pilling, David. "Camera Sales Raise Sonys Game." Financial Times: 23. ABI/INFORM Global. Jul 27 2007. Web. 27 May 2012.
  8. ^ Sony eyes online Australian banking July 28, 2011, The Age. Retrieved July 28, 2011.
  9. ^ "Japanese giant Sony axes plan to set up online home loan business in Australia". Herald Sun. January 20, 2014.
  10. ^ Incorporated, Sony Bank. "Sony Bank Launches New Service "English online banking"". www.prnewswire.com. Retrieved 2020-05-25.
  11. ^ "Sony Bank to become wholly owned subsidiary" (PDF). Sony Financial Holdings.

External links

This page was last edited on 5 August 2020, at 15:28
Basis of this page is in Wikipedia. Text is available under the CC BY-SA 3.0 Unported License. Non-text media are available under their specified licenses. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc. WIKI 2 is an independent company and has no affiliation with Wikimedia Foundation.