Toyota Financial obtains quasi banking license

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has formally awarded Toyota Financial Services Philippines Corporation (TFS Philippines) a quasi-banking license, which will allow the firm to borrow funds from the public for re-lending. Non-bank financial institutions with quasi-banking functions are authorized to borrow funds from 20 or more individuals for re-lending or purchasing receivables, but not the issuance of deposit liabilities. TFS Philippines is 60% owned by Japan-based financial services group Toyota Financial Services Corporation and Toyota Motor Corporation. The Metrobank Group holds the remaining 40%. The company has total capital of P1 billion. - BusinessWorld