Nissan Financial Unit Withdraws US Industrial Bank Application

Nissan Motor Acceptance Company, or NMAC, provides financing and leasing services to Nissan and Infiniti customers and dealers in the United States. An industrial loan company charter in Utah would have allowed the automaker’s finance arm to operate as a state-chartered banking institution under Federal Deposit Insurance Corp. oversight, adding a regulated bank to Nissan’s US financial-services structure.

NMAC has withdrawn its application to establish the Utah industrial loan company, according to a report on the filing. Nissan did not disclose when the application was withdrawn, the reason for the decision or any investment amount tied to the proposal. A company spokesperson said Nissan would continue supporting Nissan and Infiniti dealers and customers through its existing financial-services operations.