Security Bank and Mitsubishi Motors have agreed to sign a joint venture agreement to establish Mitsubishi Motors Finance Philippines Inc. and offer
Japan-based global automobile company Mitsubishi Motors Corp. and Security Bank Corp. 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 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.
Through this joint venture, Security Bank and Mitsubishi Motors will be able to offer a range of sales financing services for customers.
“This joint venture is in line with Security Bank’s commitment to provide superior customer experiences through our BetterBanking brand promise,” said Sanjiv Vohra, president and chief executive officer of Security Bank. “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. This means more attractive promos, competitive financing packages, and fast decisioning. Thus, we deliver better value to customers.”
