Tokyo - TOYOTA MOTOR CORPORATION (TMC) and TOYOTA FINANCIAL SERVICES CORPORATION (TFS) announced today that the China Banking Regulatory Commission (CBRC) granted approval, dated December 15, for Toyota Motor Finance China Co., Ltd. (TMFCN) to begin automobile sales financing operations in China. TMFCN will begin providing financial services to Toyota customers as soon as it completes preparations for the commencement of business.
TMFCN is a wholly owned subsidiary of TFS, the holding company of various finance subsidiaries of TMC. TMFCN is capitalized at 500 million RMB and will be headquartered in Beijing. It will have three directors and about 40 employees at start of operations.
As one of the first automobile sales financing companies in China, TMFCN received preliminary approval from the CBRC at the end of December 2003 and began preparations for formal establishment. Preparations to provide excellent financial services to Toyota customers in China have been made taking full advantage of the expertise in the automotive sales financing field that TFS has accumulated through its operation in 27 countries.
Based on the "customer always comes first" policy, TMFCN will make every effort to provide Toyota customers and Toyota dealers with convenient, timely, and flexible automobile financing services and to contribute to the sound development of the Chinese automobile financing market.?