Chapter 9

Ginza, a famous commercial district in Tokyo, is even more prosperous and bustling compared to Akihabara. This is one of the three most prosperous streets in the world and also one of the most expensive areas in the world. The country implements a main bank system, an informal system that effectively addresses the financial needs of enterprises. Because it can provide certain guarantees and support for enterprise development, it will continue to be retained in a large amount in Japan's industry and commerce. Due to changes in various socio-economic factors and production structures, the main bank system itself will change. However, the major main banks are still in good shape and have close ties with large groups, so this change should be relatively slow. Therefore, various private banks have emerged.

Compared to state-controlled banks in some countries, private banks are easier to obtain loans from and are more flexible.

Kawaguchi Haru specially brought his real estate here early in the morning, and his destination was Sony Bank located here.

Sony Bank

Founded as a commercial bank in April 2001, it does not have physical branches or ATMs, and all banking processes are conducted online or by phone.

Sony Bank is a subsidiary of Sony Financial Holdings and a company under the Sony Group. The Sony Group is considering expanding this subsidiary and entering the Australian market. Its business includes foreign currency deposits, trust investments, and home loans.

In 2001, when Sony Bank was established, web usage in Japan was limited compared to the United States. At that time, only 24 million people in Japan used the internet monthly. Despite this, the company still hoped to provide infrastructure construction.

In the first hour, Sony Bank added 340 online accounts. The company offered yen deposits, investment trusts, credit card loans, and bank payments. It also hoped to allow its customers to use ATMs at Japan Post.

In 2001, Sony Bank aimed to have 400,000 customers by 2004. In February 2001, the company aimed to have $5.2 billion in deposits. Three months later, it revised this figure to $4.1 billion in deposits.

In February 2001, Sony Bank's 2006 target was to have $8.6 billion in deposits. At that time, Japanese analysts were generally optimistic about the bank's prospects. Raymond H. Graber of the Tower Group suggested that the bank could generate synergies with other Sony financial businesses.

Despite this, Paul Jamieson Gomez, a consultant, warned that customers would have high expectations for Sony Bank. Shii Masahiro served as the first president of Sony Bank. By 2005, the company faced thin profits. By 2007, Sony Bank had accumulated 500,000 customers. That year, Sony planned to add an online brokerage.

After Sony Bank was established in 2001, Sony owned 80% of its shares. By 2005, its shareholding had increased to 84.2%. When JPMorgan Chase sold its shares, Sony increased its shareholding to 87.4%.

Mitsui Sumitomo Bank held 16% of Sony Bank's original shares, allowing Sony Bank customers access to its 7,600 ATMs. By 2005, Mitsui Sumitomo Bank's shareholding in Sony Bank had decreased to 12.6%. JPMorgan Chase held 4% of Sony Bank's shares after its establishment in 2001. JPMorgan Chase aimed to expand its asset and wealth management services in Japan. By 2005, it held 3.2% of the shares. By 2005, JPMorgan Chase sold all its shares to Sony Mobile.

After Sony Mobile fully acquired Sony Bank, Sony Bank had developed into a highly competitive private bank in Japan within a short year.

Compared to other banks with various strict requirements for loans, Sony Bank had fewer restrictions and a higher loan limit.

Kawaguchi Haru chose Sony Bank precisely because of this advantage.

There were not many people at Sony Bank early in the morning.

"May I ask what service you need?" The service staff at the counter asked with a professional smile.

"A loan," Kawaguchi Haru replied with a smile.

"May I ask how much you would like to borrow?"

"I hope to discuss this with your manager..."

Upon hearing this, the service staff realized it might be a big deal and quickly called the department manager.

Soon, a man in his forties, wearing a silver suit, with a square face and a clean-shaven face, walked in. His eyes were sharp.

"Are you here for a loan?" The middle-aged man asked Kawaguchi Haru without any small talk.

"Yes..." Kawaguchi Haru's attitude was neither humble nor arrogant, showing no signs of nervousness.

"Alright, please follow me..." The middle-aged man was slightly surprised by the young man's composure, thinking he himself might not have been so calm at that age.

"Let me introduce myself. I am the business manager of Sony Bank, and my name is Mitsui Junichi." After entering his office, Mitsui Junichi formally introduced himself.

"Hello, my name is Kawaguchi Haru, and I am a broker."

After they sat down, they formally entered the topic.

"May I ask how much you hope to borrow, Mr. Kawaguchi?" Mitsui Junichi looked at Kawaguchi Haru seriously.

"30 million dollars."

Upon hearing this, Mitsui Junichi immediately frowned.

This amount was too large, even he couldn't make the decision alone.

If the loan was successful, it would be the largest transaction since Sony Bank's establishment...

He had to think carefully...

"Mr. Kawaguchi, this amount is quite large... It might be difficult..." Mitsui Junichi wanted to refuse.

"Mr. Mitsui, I have several properties in Sapporo, worth about 20 million dollars... and a property in Kagoshima worth about 5 million dollars. I believe they can be used as collateral." Kawaguchi Haru took out two property deeds and handed them to Mitsui Junichi.

"Mr. Kawaguchi, please wait a moment... We need to verify them..."

"Please take your time."

Mitsui Junichi left his office with the two property deeds;

"I am very sorry for keeping you waiting, Mr. Kawaguchi... According to our verification, the approximate value of your two properties is about 24 million dollars." About ten minutes later, Mitsui Junichi returned with a smile.

"I can accept it..."

"Mr. Kawaguchi, if you take out a loan now, we can transfer the money to your account within three days. How does that sound?"

"I can accept it."

After a series of complicated procedures, Kawaguchi Haru successfully obtained a 30 million dollar loan from Sony Bank.

However, the interest rate of Sony Bank was relatively high.

"Thank you very much, Mr. Mitsui."

"It's my duty. But Mr. Kawaguchi, please remember the repayment date."

"I won't forget."

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