News Release

ORIX Bank and Sony Bank Form Business Tie-up Regarding Mutual Handling of Products and Services

Aug 14, 2020

TOKYO, Japan - August 14, 2020 - ORIX Bank Corporation (“ORIX Bank”) and Sony Bank Incorporated (“Sony Bank”) announced that they have signed a business tie-up agreement for the purpose of mutual handling of each other’s products and services.
Starting on Monday, August 17, 2020, ORIX Bank will handle housing loans offered by Sony Bank.

ORIX Bank and Sony Bank have proceeded with discussions on a business tie-up that leverages each other’s strengths and networks. The two banks have different customer bases and strong areas, with ORIX Bank having trust functions and face-to-face customer channels mainly for real estate investment loans while Sony Bank boasts excellent product development capability and an extensive product lineup. By building a complementary relationship in the areas in which each of them has a competitive edge, ORIX Bank and Sony Bank aim to expand their customer bases and enhance customer satisfaction and convenience.

As the first step for such a business tie-up, ORIX Bank will handle housing loans offered by Sony Bank as a bank agent. Sony Bank’s housing loans are highly regarded by customers due to, among other things, its AI-based speedy screening system offered via an Internet channel, as well as coverage by group credit life insurance that responds to various needs for disease security. As a consulting bank that has an edge in real estate, ORIX Bank will propose new loans and refinancing to home buyers, taking advantage of its trading network with real estate business operators.
Also, Sony Bank is scheduled to start handling ORIX Bank’s testamentary substitute trust product in around fall of this year.

ORIX Bank and Sony Bank will continue to make the most of each other’s strengths in their efforts to provide services that meet a wide range of customer needs.

â–  Outline of housing loan products to be handled by ORIX Bank
Eligible borrowers
(Examples)
1. Borrowers who earned an annual income (declared income for the self-employed) of at least 4 million yen in the previous year
2. Borrowers who have Japanese citizenship or permanent resident status in Japan
Use of funds Funds can be used for purchasing a new property or pre-owned property, as well as building, extending, rebuilding, or refinancing a residence.
Eligible properties
(Examples)
A property in which the borrower will reside is eligible. The following properties will not be handled:
1. Properties that do not conform to the Building Standards Act or other laws and regulations
2. Buildings on leased land (including fixed-term land leasehold)
3. Properties combined with stores, apartments, or the like
4. Income-producing properties for earning rental income, such as condominiums for investment and apartment buildings
Products handled Housing loans
Variable Select Housing Loan
Fixed-rate Select Housing Loan

* For details, please see the product brochure, which will be made available on Monday, August 17, 2020 on the ORIX Bank website.

 

Contact Information:
ORIX Corporation
Corporate Planning Department
Tel: +81-3-3435-3121

About ORIX:
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses.
Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile related, real estate and environment and energy related businesses. Since entering Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in 37 countries and regions across the world.
Going forward, ORIX intends to utilize its strengths and expertise, which generate new value, to establish an independent ORIX business model that continues to evolve perpetually. In this way, ORIX will engage in business activities that instill vitality in its companies and workforce, and thereby contribute to society. For more details, please visit our website: https://www.orix.co.jp/grp/en/
(As of March 31, 2020)

Caution Concerning Forward Looking Statements:
These documents May contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results that differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission and under “(4) Risk Factors” of the “1. Summary of Consolidated Financial Results” of the “Consolidated Financial Results April 1, 2019 – March 31, 2020.”

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