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Business

Japan's banking newcomers enjoy steady growth

Sony Bank, nine others log 10% jump on the year in deposit balance

The Bank of Japan's negative interest rate policy proved to be a boon to SBI Sumishin Net Bank's mainstay housing loan business.

TOKYO -- Japan's 10 new entrants to the banking sector, such as Sony Bank, recorded a 10% rise on the year in their total deposit balance to more than 17 trillion yen ($152 billion) as of the end of March 2017.

Improved convenience looks to have attracted more customers to newcomers like Sony Bank, SBI Sumishin Net Bank, Daiwa Next Bank, Rakuten Bank, Aeon Bank and Orix Bank.

Account numbers at the new banks jumped 10% to 24.5 million, with total deposit balance surpassing the roughly 13 trillion yen at Yokohama Bank, Japan's largest regional bank.

SBI Sumishin handled 3.48 trillion yen in its mainstay housing loan business, up 26%, thanks to the Bank of Japan's negative interest rate policy. Sony Bank saw growth in both yen and foreign-currency deposits, while new accounts increased 30% to hit a record high.

As for Aeon Bank, account numbers climbed 10% to 5.55 million thanks to its introduction of an online app for customers to check for information like usage and account balance.

(Nikkei)

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