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Sony Bank bails

The much-hyped entry into the Australian market of Sony Bank may not be happening.At the end of October, Sony Bank closed its representative office in Sydney.The bank said it "opened this office for the purpose of researching the Australian financial market since August 2011.""Going forward, Sony Bank will continue to conduct surveys and research concerning overseas businesses in order to improve services for its customers from various viewpoints."When last quizzed about its intentions in Australia, in the mortgage market (in August 2012 at an investor briefing), Sony said it saw "no upside at present".

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