Asian Tech Press (SEP 09) -- Toyota will acquire a leasing business in China from SK Group, a major Korean conglomerate. The Chinese subsidiary of Toyota Financial Services (TFS) will receive the entire shareholding of SK Rent-A-Car, headquartered in Beijing.

TFS has not disclosed the acquisition amount, which is estimated to be around 5 billion yen. The company is aiming to expand its business in China.

The acquisition is expected to be completed by the end of September. SK Rent-A-Car operates in major cities in China and owns thousands of corporate cabs, with operating profits of more than 100 million yen in 2020.

Toyota Financial Services has previously expanded its business in China mainly by providing loans to individuals. Through this acquisition, the company will expand its leasing business to target regions with the cooperation of local specialty stores.