rss  atom

Article Home > Topics > Financial, etc.
Translate  日本語  |  中文

Toyota Financial obtains banking license in Russia

7, 11. 2007

Toyota Financial Service Corp. (TFS), a 100% owned subsidiary of Toyota Motor Corp. operating the financial business, announced on June 27, 2007 that its unit in Russia had obtained as of June 21 a banking license. TFS operates auto loan and lease business in 31 different countries. "Russia is an important area for car sales for Toyota. The local unit was set up for the smooth operation of auto finance in that country," TFS said. Toyota Bank, which was established in Moscow, is a subsidiary of TFS's subsidiary in Germany. It is thus a subsidiary of subsidiary.
TFS said it is necessary to obtain a banking license to offer loans in Russia. The Russian license was obtained only to conduct auto loan business and Toyota has no plan to conduct the deposit business.
Toyota Motor is to start the operation of an assembly plant in St. Petersburg in the course of 2007. Aioi Insurance Co., which belongs to the Toyota group, has earlier disclosed that it would start selling auto insurance policies in Russia. The group is aiming at sales expansion in Russia by popularizing Toyota cars through the combined offering of auto loans and auto insurance policies.

Recent Stories in this category