5 days ago
Sony's financial arm aims to launch overseas businesses after listing
TOKYO (Kyodo) -- The top executive of the financial unit of Sony Group Corp. said Thursday that it aims to launch overseas operations after it is spun off from the parent company and listed on the Tokyo stock market later this year.
Toshihide Endo, CEO of Sony Financial Group Inc., said the company will focus on "honing our business model at home "through March 2027, adding that expanding its business abroad is "on the menu as an excellent strategy for the mid-term."
Sony Financial has no overseas operations at present, a spokesperson said.
Endo was speaking at a meeting with the media and investors as his company prepares to list on the Tokyo Stock Exchange's top-tier Prime Market on Sept. 29.
The plan will allow the parent company to better focus on its entertainment businesses -- especially games, music and movies -- that have grown to account for more than 60 percent of the conglomerate's total sales.
"Financial services will remain an integral part of our group even after it is spun off, and (Sony Group) will continue to support its growth," Sony Group CEO Hiroki Totoki said at the meeting.
Sony Group's stake in the wholly owned unit will fall to below 20 percent after the financial unit goes public.
Sony Financial said it will list on the TSE without an initial public offering -- the first of its kind in Japan since 2000.
During the press conference, the unit said it plans to buy back its own shares worth up to 100 billion yen ($688 million) from its listing through the end of March 2027.
Sony Financial was previously listed on the Tokyo market, but the parent company made it a wholly owned subsidiary in 2020 to speed up decision-making.
