STRATEGIC PARTNERS
February 11, 2002
TOKYO -- Japan's largest automaker may take a cruise into the banking industry.
Toyota Motor Corp. is considering an investment in a bank to be launched by Ito-Yokado Co Ltd., the first retailer to enter Japanese banking, Reuters news service reported
If Toyota does decide to lend its money to the effort, it would allow Toyota credit card holders to use a network of ATMs planned by Ito-Yokado and Seven-Eleven Japan Co Ltd., its convenience store subsidiary. Ito-Yokado is expected to install ATMs at 3,500 stores, specifically those operated by Seven-Eleven Japan, Reuters reported.
The online edition of the Japanese newspaper The Daily Yomiuri reported that Toyota could claim a minority stake in IY Bank of 1.0 to 2.5 percent, according to Reuters.
Toyota has recently delved into other realms of the financial industry, but Reuters reports the company maintains these ventures are limited to automotive financing. Toyota plans to introduce a new credit card in April, sell investment trusts and expand into e-Commerce. The company has also shown an interest in online banking, according to Reuters.
