Toyota to Open Bank in Nevada

TOKYO – Reuters reported that Toyota Motor Corp. has received the go-ahead to open a bank in Nevada.

The operation, which would provide financial services to dealers, would have a $10 million base of capital. The automaker says it has no plans to expand into areas beyond auto loans.

U.S. dealers, who generate the bulk of Toyota’s profits, would be eligible for accounts and online banking with the new operation. Financial services have long been part of the company's business in Japan and more than 20 other countries.