SECURITY Bank Corp., a leading universal bank in the Philippines, and Mitsubishi Motors Corp. (hereafter, Mitsubishi Motors), a global automobile company based in Japan, have agreed to sign a joint venture agreement, to establish Mitsubishi Motors Finance Philippines Inc. and offer financing services to Mitsubishi Motors’ customers in the Philippines.
The new company is expected to start operations in 2025, with Mitsubishi Motors holding a 51 percent ownership stake in the new company and Security Bank holding 49 percent.
The completion of this transaction will be subject to regulatory approvals.
The Philippines has seen rapid growth in the new car market, aligned with the growth of the population and economy, and this trend is likely to continue in the medium term.
Financing services are essential for customers in the country given most rely on financing when buying cars. Through this joint venture, Security Bank and Mitsubishi Motors will be able to offer a range of sales financing services for customers. / PR