Sony Bank targets 11 June for launch date - DJ

Sony Bank targets 11 June for launch date - DJ

Sony Bank, the new online banking subsidiary of consumer electronics giant Sony, is to open for business on June 11, becoming the second bank formed by a Japanese non-financial company, according to a report by Dow Jones.

Sony set up the Internet bank with Sumitomo Mitsui Banking Corp. and U.S.-based J.P. Morgan Chase & Co., with Sony holding an 80% stake in the joint venture capitalized at Y37.5 billion.

Dow Jones says the new bank aims to hold Y500 billion in deposits from 400,000 customers by its third year, achieving profitability by that time, and to clear all accumulated losses by its fifth year by gathering Y1 trillion in deposits with 600,000 customer accounts.

The bank is to offer full banking services to individuals, initially with deposits, lending, money transfers settlements and investment trust, and soon with foreign currency deposits, credit card services and housing loans.

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