Tokyo, Oct 23: Sony Corp. plans to set up a financial holding company by April next year to oversee the operations of its three financial subsidiaries, a business daily said today.
The new holding company would oversee Sony Life Insurance Co, Sony Assurance Inc. and Sony Bank. It would be the first financial holding company set up by a non-financial Japanese firm, the daily Nihon Keizai Shimbun said.
Sony is expected to announce the move by the end of this month, the daily said, adding that the combined assets of the three financial units total three trillion yen (28 billion dollars), more than 30 per cent of Sony's total assets.
By establishing a financial holding company, Sony would be able to allocate Sony Life Insurance's surplus funds to improve the capital of Sony Assurance and Sony Bank, it said.
Sony Life Insurance has been paying nearly 10 billion yen a year in dividends.


Bureau Report