Sony Electronics Inc. announced that it has acquired the 49 percent equity stake in Sony Financial Services, LLC previously held by Heller Financial Inc.
Sony Financial Services was established jointly by Sony Electronics and Heller Financial in December 1999. Sony Electronics, through its wholly owned subsidiary, SFS Holding Corp., has assumed complete ownership of the business as a result of its acquisition of Heller’s interest. Financial details of the transaction are not being disclosed.
Sony Financial Services provides consumer and commercial financing programs to purchasers of Sony products. The consumer program is offered through American Investment Bank, a FDIC-insured Salt Lake City-based industrial loan corporation. Commercial financing covers the full breadth of Sony Electronics’ industrial products, including broadcast and professional systems.
“Heller Financial contributed greatly to help us launch this financing business,” said Jeffrey Dorn, president of Sony Financial Services. “Bringing Sony Financial Services into the Sony Electronics’ fold will provide us with greater flexibility to more closely align our financial services with Sony product marketing plans, helping us grow our businesses even more aggressively.”