Sony Bank has closed its one Australian-based representative office, signalling it will not proceed further with its much-hyped entrance into the Australian market.
Sony Bank opened a representative office in Sydney “for the purpose of researching the Australian financial market” in 2011. The move was motivated by high demands for investment in the Australian market by Sony Bank customers, according to a statement on the bank's website.
In announcing the closure of the office, Sony Bank said it “will continue to conduct survey and research concerning overseas businesses in order to improve services for its customers from various viewpoints”.
Speaking with Australian Broker
on the opening of Sony Bank’s Australian office, SAKS Consulting principal Steve Patterson said the bank had “a hard road to walk”.
“Firstly, new and foreign entrants to the market traditionally haven’t done well. This is largely due to the strength, distribution and reach of the Big Four,” said Patterson.
“A lot have come and gone with big plans – none have gone that far."