Security Bank to form joint venture with Mitsubishi

April 10, 2024 | 12:00am

MANILA, Philippines — Security Bank Corp. has partnered with Japan-based Mitsubishi Motors Corp. (MMC) to offer financing services to automobile customers in the Philippines.

The listed bank will control 51 percent of Mitsubishi Motors Finance Philippines Inc., while MMC will own the remaining 49 percent.

The joint venture will start offering a wide range of sales financing instruments and services to Mitsubishi Motors’ customers and dealers in the Philippines next year.

The completion of this transaction would be subjected to regulatory approvals, the bank said.

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

By combining the strengths of Mistubishi Motors and the bank through the new company, Vohra said Security Bank would be in the best position to offer better auto financing services to match customer needs.

“This means more attractive promos, competitive financing packages, and fast decisioning. Thus, we deliver better value to customers,” he said.

According to Security Bank, the car market in the Philippines has grown significantly in the past few years, in line with the growth of the population and the economy.

This growth will likely continue in the medium term.

The bank also noted that most customers in the car market mostly rely on financing services when buying cars.

“This is our 61st year in business in the Philippines, where we now have a strong presence and a large market share. Mitsubishi Motors is very pleased to be able to partner with Security Bank that is one of the best financial institutions in the Philippines,” said Tatsuo Nakamura, executive vice president of Mitsubishi Motors.