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ISCOVER
Staff Reporter
The Japanese bank looking to break into the Australian lending market has been revealed to be Sony.
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Sony Bank, the group's online banking unit, plans to open an office in Sydney in late August and begin a feasibility study, Sony Bank spokesman Tadaaki Nakagawa said.
Under the plan, Sony would provide retail financial services in the Australian market through online banking, the Nikkei business daily said.
Along with taking deposits, the proposed online bank would "most likely" offer mortgages.
Having built up expertise in low-cost management of a branchless bank in Japan, Sony hopes to expand its earnings base by moving overseas, mainly into Asia, the daily said.
