The government has approved Sony Corp.'s plans to set up a holding company to oversee its financial service operations, the firm said Tuesday.
Tokyo-based Sony hopes that bringing its financial units together will allow it to focus better on its core electronics business.
Sony Financial Holdings will be set up Thursday, a move that will make Sony the first company in Japan to combine banking and insurance operations under one roof.
In October, Sony unveiled a plan to set up a holding company to oversee its banking and insurance units, Sony Bank, Sony Life Insurance Co. and Sony Assurance.