Promise Co., Japan's largest consumer finance company, plans 15 billion yen ($135 million) of cost cuts in the next two years after acquiring rival Sanyo Shinpan Finance Co., by:
a) Uniting the technology platforms of Promise and Sanyo Shinpan
b) Reorganizing their marketing channels around September next year, and
c) Job cuts
It is resorting to cost cuts as law changes in Japan force Promise and its competitors to reduce the interest they charge borrowers. It will cap interest at 17.8 percent, down from 25.6 percent, effective next month. The planned cost cuts represent about 4 percent of the company's planned sales expenses for this fiscal year.
[Click here for full story at: BLOOMBERG.COM]
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment