JAPAN: Toyota sets up financial holding company
Toyota Motor Corp. on Friday established a wholly owned holding company under which the automaker's 19 affiliated financial companies worldwide will offer a wide range of financial services. Toyota Financial Services Corp., based in Nagoya, will expand the network of Toyota's financial services to cover more than 30 countries, up from the 18 countries currently covered, and double the operating profit from financial services alone to around 100 billion yen.
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