Credit Saison Co., the Japanese credit card firm backed by Mizuho Financial Group Inc., may buy a consumer lender as foreign rivals retreat, Chief Executive Officer Hiroshi Rinno said.

"We intend to seek a merger and acquisition opportunity," Rinno, 65, said in an interview with Bloomberg Television in Tokyo. "We'll compete with other bidders as long as the terms and prices are reasonable."

Credit Saison, already seeking a stake in Japan Airlines Corp.'s JALCard Inc., is seeking to expand as foreign rivals, including General Electric Co., scale back local consumer lending operations or exit altogether. The industry plunged into losses after lawmakers and courts capped the maximum interest that can be charged by a third, to 20 percent.

Japan's four largest consumer lenders lost a combined $16 billion in the year that ended last March 31, because of the cap and demands from borrowers that excess interest charges be refunded. Takefuji Corp., the nation's second-biggest consumer loan company by market value, lost ¥481.3 billion.

Rinno didn't identify which companies Tokyo-based Credit Saison may bid for. GE put its Lake Co. consumer lending unit in Japan up for sale last year. Fairfield, Conn.-based GE ranks sixth in Japan with about $6 billion in outstanding loans.

Lone Star Funds has shut down more than 100 outlets at its AEL Corp. unit in Japan, while Citigroup Inc. closed 270 branches.

In July, Promise Co. offered to buy rival Sanyo Shinpan Finance Co. to create Japan's largest consumer lender. The smaller company was struggling with tougher competition and rising demands for interest refunds.

Credit Saison rebounded with a ¥12.2 billion profit for the six months that ended Sept. 30, compared with a loss of ¥5.9 billion a year earlier. The company forecasts net income will rise 55 percent to ¥23 billion in the year ending March 31.