Nissan has canceled its plan to establish Nissan Bank U.S. in Salt Lake City, citing cost reductions and long-term financial health, according to Automotive News. The automaker's finance arm, Nissan Motor Acceptance Co., had filed with the FDIC and Utah regulators in June 2025 for an industrial loan company charter that would have allowed it to fund dealer loans with federally insured deposits. The decision leaves Ford, General Motors, and Stellantis as the major automakers moving forward with industrial bank charters, with Ford Credit Bank and GM Financial Bank receiving conditional FDIC approval in January 2026 and Stellantis Bank USA clearing regulators in May 2026. Nissan, whose credit rating was cut to BB- by S&P Global Ratings in November, is mid-way through its Re:Nissan restructuring targeting 20,000 job cuts and a reduction from 17 assembly plants to 10, and posted a net loss of 533.1 billion yen in the fiscal year ended March. The company reported a first-quarter operating profit of 77.9 billion yen and net income of 3.8 billion yen, but CEO Ivan Espinosa said the environment remains challenging, particularly in China and the Middle East.
Nissan Motor Co., Ltd.Nissan cancels its industrial bank plan, citing cost reductions and financial health, amid restructuring and losses.
Ford Motor Company
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