Bank of Tokyo-Mitsubishi, consumer credit firm Acom Co. and three other financial firms said Thursday they have set up a consumer loan joint venture.
The venture is called Tokyo-Mitsubishi Cash One Ltd.
The other three firms involved are Mitsubishi Trust & Banking Corp.; DC Card Ltd., a consumer finance affiliate of BTM; and consumer credit firm Jaccs Co.
BTM and Mitsubishi Trust are part of the Mitsubishi Tokyo Financial Group Inc.
The new venture, capitalized at 20 billion yen, will target individuals and offer card loans of up to 3 million yen that carry annual interest rates of 15 percent to 18 percent.
It will open for business in February and aims to generate outstanding loans of 250 billion yen within five years.
BTM and Acom both own 35 percent of the venture, while 17.5 percent is owned by Mitsubishi Trust, 11 percent by DC Card and 1.5 percent by Jaccs.
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