Toyota Finance to acquire Nippon Life's credit card unit

TOKYO December 29, 2005; Japan Today reported that Toyota Finance Corp, a financial firm affiliated with Toyota Motor Corp, said Wednesday it has agreed with Nippon Life Insurance Co to acquire the leading life insurer's credit card subsidiary, Nissay Card Service Co, next spring.

The deal calls for Nippon Life to spin off the wholly owned subsidiary on Feb 16 for sale to Toyota Finance's card business subsidiary.