Toyota Motor Corp will sell its brokerage unit to Tokai Tokyo Financial Holdings Inc as part of efforts to consolidate resources into automobile operations, the Nikkei business daily reported.
As per the deal, expected to be announced as early as this month, Toyota's financial unit Toyota Financial Services Corp will sell its entire stake in unit Toyota Financial Services Securities Corp to Tokai Tokyo Financial Holdings in January 2010, the business daily said without citing sources.
The Toyota brokerage unit will be merged with Tokai Tokyo Securities Co, a unit of Tokai Tokyo Financial in April and the merged entity will inherit the Tokai Tokyo Securities name, the daily said.
Ahead of the stock sale, Toyota Financial is to acquire a stake of 5 percent or so in Tokai Tokyo Financial this October, the report said.
(Reporting by Bijoy Koyitty in Bangalore; Editing by Unnikrishnan Nair)