Sony to take financial unit public, raise 300 bln yen - report |
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Wed, 25 Apr 2007 22:51
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TOKYO (XFN-ASIA) - Sony Corp plans to float at least 30 pct stake in wholly owned unit Sony Financial Holdings Inc this autumn and raise some 300 bln yen, the Nikkei business daily reported, without citing sources.The initial public offering is likely to be this year's biggest in Japan, the newspaper said. Sony Financial Holdings will have a market capitalization of at least 1 trln yen.Sony Financial Holdings is the financial holding company for Sony Life Insurance Co, Sony Assurance Inc and Sony Bank.Sony Life Insurance ranked ninth in the industry, with around 29 trln yen in individual insurance policies in force, as of March 31, 2006, while Sony Assurance is a midsize player whose strength lies in online auto insurance sales. Sony Bank was the only Internet bank to log a pretax profit for the April-December period last year.(1 usd = 118.72 yen)yasuhiko.seki@xfn.comys/mas
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