MOSCOW, September 10 (RIA Novosti) - Toyota Bank, which specializes in auto loans and is owned by Toyota Motor, has opened its first two subsidiaries in Moscow, the head of Toyota Kreditbank GmbH Moscow office said Monday.
He said 16 branches will be opened at Toyota and Lexus dealerships throughout Russia before late 2007 or early 2008, and that initially loans will only be issued for Toyota and Lexus cars.
Gennady Belyukin, vice president of Toyota Bank, said 72,000 Toyota and 7,000 Lexus cars were sold in the first half of 2007 in Russia, 30-40% of them on credit.
"We are aiming to occupy leading positions in financing their sales in Russia," he said.
Toyota Kreditbank GmbH (German) holds a 99% stake in Toyota Bank, and 1% is owned by Toyota Leasing GmbH (Germany).
