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Manila Bulletin devider Business devider Banking & Finance devider Security Bank, Mitsubishi Motors enter car financing partnership

Security Bank, Mitsubishi Motors enter car financing partnership

Published Apr 8, 2024 07:41 am

Security Bank Corporation and Mitsubishi Motors Corporation have formed a joint venture firm Mitsubishi Motors Finance Philippines Inc. to offer financing services to Mitsubishi customers amid a rapidly expanding domestic car market. 

In a disclosure to the Philippine Stock Exchange (PSE), Security Bank said Mitsubishi Motors will own a 51 percent ownership in the new company while Security Bank will hold a 49 percent interest.

security bank mitsubishi.png
Sanjiv Vohra, President and CEO of Security Bank (left) and Tatsuo Nakamura, EVP of Mitsubishi Motors Corporation (right) at the ceremonial signing between Security Bank and Mitsubishi Motors.

MMFPI is expected to start operations in 2025. The completion of this transaction will be subject to regulatory approvals.

Security Bank said 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. 

It noted that 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.

Security Bank President and CEO Sanjiv Vohra said the joint venture is in line with Security Bank’s commitment to provide superior customer experiences through our BetterBanking brand promise.  

He added that “by combining the strengths of both Mitsubishi Motors and Security Bank through this new company, we are in the best position to offer enhanced auto financing services to match our customers’ needs.

The partnership is expected to offer more attractive promos, competitive financing packages, and fast decisioning to deliver better value to customers. 

For his part, Mitsubishi Motors Executive Vice President Tatsuo Nakamura. said “This is our 61st year in business in the Philippines, where we now have a strong presence and a large market share.”  

He added that “Mitsubishi Motors is very pleased to be able to partner with Security Bank that is one of the best financial institutions in the Philippines.

"Through this joint venture, we hope we can provide Mitsubishi Motors vehicles to more customers in this ever-expanding market. Also, we will continue to make efforts to satisfy customers more through our products and services that embody Mitsubishi Motors-ness,” he also said.
 

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Sanjiv Vohra Security Bank Corporation mitsubishi motors corp
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