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Toyota to set up production facility, bank in Russia
Published in Saudi Press Agency on 19 - 07 - 2007


Japanese carmaker Toyota plans to open a
new production facility and a bank in Russia later this year, DPA REPORTED.
A spokesman for the Toyota KreditBank GmbH in Cologne said Russia
had the potential to become one of the biggest automobile markets in
Europe.
He said the Russian central bank had already issued a licence for
the new bank, a subsidiary of the German Toyota Kreditbank GmbH and
Toyota Leasing.
The new bank, called ZAO Toyota Bank, will begin operations in
Moscow this autumn, with an expansion planned for St. Petersburg in
2008, the spokesman added.
"Toyota is then first automobile company to set up its own bank in
Russia," the spokesman said in Cologne, where Toyota Deutschland GmbH
has its headquarters.
"We anticipate that the internationally active financial
institutions of other manufacturers will shortly begin operations in
Russia," he said.
The new production facility is expected start operations in Die
December near St. Petersburg, where Nissan, Suzuki and
General Motors are currently building their own plants.
The spokesman said the facility was part of the company's strategy
to strengthen Toyota's position in Russia, a market with enormous
growth potential.
In the first six months of 2007, the Japanese carmaker sold 72,330
Toyota and 6,950 Lexus cars in Russia, an increase of 70 per cent
over the same period in 2006


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