Toyota Financial Services Securities Corp. plans to tie up with nonlife insurer Aioi Insurance Co. to market investment trusts, bonds and debentures, company sources said Thursday.
Through the alliance, the brokerage unit of Toyota Motor Corp. hopes to boost sales of its financial products by utilizing some 50,000 Aioi branches, the sources said.
The business tieup is expected to start on a full-fledged basis by the end of this year, following an expected approval for insurance firms to deal with investment trusts, they said.
The two companies have had cooperative ties since autumn, with Aioi dealing with investment trusts on a test basis.
Toyota Financial, set up in 2000, has suffered sluggish sales due to poor consumer awareness of the company, according to industry analysts.