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The Japan Bank for International Cooperation (JBIC; Governor: Akira Kondoh) signed on February 26 a loan agreement denominated in Russian ruble with AO Toyota Bank (TBR), a Russian subsidiary of Toyota Financial Services Corporation, wholly owned by Toyota Motor Corporation (Toyota). This loan is co-financed with a private financial institution.
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New automobile sales in Russia showed positive growth in 2017 for the first time in five years due to the economic recovery. Russia's car ownership ratio is lower than other developed countries' ratio and its automobile sales are expected to continue to increase with further economic recovery. Under such circumstances, the Russian automobile market is an important market for Toyota and other global auto manufacturers, as evidenced by their expansion of local car production.
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This local currency denominated loan is intended to support Toyota's automobile sales finance business which is an important tool for maintaining and expanding its market share under its business strategy in Russia. Through this loan, JBIC contributes to maintaining and strengthening the Japanese automobile industry's international competitiveness.
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As Japan's policy-based financial institution, JBIC will continue to provide financial support to assist Japanese companies in expanding their overseas businesses by drawing on its various financial instruments for structuring projects, including local currency denominated loans, and by enhancing its risk taking and managing measures.
