Promise Co., Japan's third-largest consumer lender, is looking for takeover targets to add customers and lift profits, as the government clamps down on loan charges, according to President Hiroki Jinnai.
"We need to keep an eye out for opportunities and make good choices," Jinnai said in an interview Tuesday. "It's inevitable our loan book will shrink, and interest income will drop under the rule changes. Acquisitions will help us cut costs to cope."
Promise offered to buy smaller rival Sanyo Shinpan Finance Co. in July for as much as ¥120 billion, as Japanese consumer lenders consolidate after lawmakers reduced the maximum interest they can charge.