The Bankwatch

Tracking the consumer evolution of financial services

Toyota to set up bank – Drive.com.au (2004)

 Its quite normal for auto manufacturers to have a financial arm, but what is interesting here, is the apparent moves in Poland to operate as internet Banks.

Toyota, the world’s second-largest car-maker, has received approval to set up a US banking operation as part of plans to triple the company’s earnings from financial services in two years.

Toyota, the world’s second-largest car-maker, has received approval to set up a US banking operation as part of plans to triple the company’s earnings from financial services in two years. An application from Toyota’s US finance company, submitted in November 2002, was approved late last month by the Federal Deposit Insurance Corp, spokeswoman Kerry Rivera said.

Toyota Financial Services Bank was incorporated in Nevada and probably would start operating in six to nine months, she said.

Toyota has said it plans to raise profit from finance businesses to at least 100 billion ($1.25 billion) by 2005. Much of that growth would come from the US, said Ken Yamada, who helps manage $US9 billion ($11.8 billion), including Toyota shares, for Kaye Anderson Rudnick Investment Management, Los Angeles.

Source: Toyota to set up bank – Drive.com.au

In any event this Bank is operational, with details here.  The nature of the US operation balance sheet suggests they are sticking to auto related lending for now in North America.

 

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Written by Colin Henderson

December 1, 2006 at 08:27

Posted in US

One Response

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  1. GMAC (financing arm of General Motors) also has a bank (www.gmacbank.com).
    I heard a recent rumor that Goldman Sachs might use their ILC and let employees bank with them as opposed banking elsewhere. Again, just a rumor and have no idea when or how they might go about this. Seems like a lot of companies have set up ILC’s.

    David Saber

    December 1, 2006 at 13:33


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