Press Release
Sony Bank's Capital Increased through Allocation of New Shares
April 17, 2008
Sony Financial Holdings Inc.
Sony Bank Inc.
At a meeting held today, the Board of Directors of Sony Financial Holdings ("SFH") resolved to implement a ¥6.0 billion capital increase of its wholly owned subsidiary, Sony Bank Inc. ("Sony Bank"), by completing the payment for shareholder allocation of Sony Bank's new shares, as outlined below.
Since its commencement of operations in 2001, Sony Bank has steadily expanded its scope of operations as an Internet bank catering to individual asset management. As of January 31, 2008, the bank's balance of deposits exceeded ¥1 trillion—the first time an institution specializing in Internet banking has reached this level—and this amount had risen to ¥1,144.3 billion as of March 31, 2008. Responding to an increase in Sony Bank's investment assets arising from its business expansion, SFH aims to enhance Sony Bank's net assets by increasing its capital, thereby ensuring its financial soundness.
1. New shares to be allocated to SFH
60,000 common shares
2. Payment
¥6.0 billion (¥100,000 per share)
3. Increase in common stock
¥3.0 billion
4. Change in Sony Bank capital structure
Since its commencement of operations in 2001, Sony Bank has steadily expanded its scope of operations as an Internet bank catering to individual asset management. As of January 31, 2008, the bank's balance of deposits exceeded ¥1 trillion—the first time an institution specializing in Internet banking has reached this level—and this amount had risen to ¥1,144.3 billion as of March 31, 2008. Responding to an increase in Sony Bank's investment assets arising from its business expansion, SFH aims to enhance Sony Bank's net assets by increasing its capital, thereby ensuring its financial soundness.
1. New shares to be allocated to SFH
60,000 common shares
2. Payment
¥6.0 billion (¥100,000 per share)
3. Increase in common stock
¥3.0 billion
4. Change in Sony Bank capital structure
| Before increase | After increase | |
|---|---|---|
| Sony Bank shares issued and outstanding |
500,000 shares | 560,000 shares |
| Sony Bank's common stock held by SFH | 500,000 shares | 560,000 shares |
| Sony Bank's shareholder ownership by SFH |
100% | 100% |
| Sony Bank's common stock | ¥25.0 billion | ¥28.0 billion |
5. Payment date
April 23, 2008
Note: This is an English-language summary of a Japanese announcement made by Sony Financial Holdings and Sony Bank on April 17, 2008. The summary was prepared by Sony Financial Holdings solely for the convenience of non-Japanese readers.
