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Sony Corp. said Friday that it will establish a wholly owned financial holding company on April 1 by separating the department that presently supervises its financial subsidiaries.

The planned interim financial holding company will be called Sony Financial Holdings Inc. and will have Sony Life Insurance Co., Sony Assurance Inc. and Sony Bank under its wing, the leading consumer electronics maker said.

Subject to approval by the Financial Services Agency, the establishment of the new company is designed to exploit the strategic links among the three financial units.

Sony Financial will be capitalized at 500 million yen.

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