Daihatsu was an independent auto maker until Toyota became a major shareholder in 1967 as the Japanese government intended to open up the domestic market. According to Toyota, it was first approached by Sanwa Bank, banker of Daihatsu. In 1995, Toyota increased its shareholding in the company from 16.8 percent to 33.4 percent by acquiring shares from other shareholders: banks and insurance companies. At the time, the company was producing mini-vehicles and some small cars under contract for Toyota. Toyota, by owning more than a one-third stake, would be able to veto shareholder resolutions at the annual meeting. In 1998, Toyota increased its holding in the company to 51.2 percent by purchasing shares from its major shareholders including financial institutions.