Sony to Establish Net Bank With Sakura, JP Morgan

TOKYO (03/30/2000) - The board of directors of Sony Corp. today approved plans to establish an Internet bank, Sony President Nobuyuki Idei announced at a Tokyo press conference this afternoon.

The Sony Net Bank will be 80 percent held by Sony Corp. with Sakura Bank Co.

Ltd. holding a 16 percent stake and J.P. Morgan & Co. Inc. holding the remaining 4 percent stake.

More to follow.

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