Business Services Industry
Toyota Becomes First Japanese Automaker to Get U.S. Banking License.
Knight Ridder/Tribune Business News, February, 2004
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
Feb. 20--NAGOYA, Japan -- Toyota Motor Corp. became the first Japanese automaker to obtain a U.S. banking license by acquiring one in Nevada, a Toyota official said Friday.
Toyota plans to set up Toyota Financial Savings Bank in the western U.S. state with a capital of some $10 million this year with a view to opening deposit accounts for Toyota dealers to help support settlements among group companies, the official said.
Toyota also plans to provide consumer credit services through the new bank, the official said.
Toyota applied for the banking license in October 2002 through Toyota Financial Services Americas Corp., a U.S. unit of its group financial firm,...
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