• Kyodo

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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, company officials said.

Toyota Financial Services Corp., based in Nagoya, plans to 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 to around 100 billion yen, the officials said.

Along with the establishment of the holding company, Toyota also decided to set up a wholly owned securities house by the end of this month, they said.