JOINT VENTURE. Sanjiv Vohra (left), president and chief executive officer of Security Bank, and Tatsuo Nakamura, executive vice president of Mitsubishi Motors Corporation, at the ceremonial signing between Security Bank and Mitsubishi Motors in this undated photo. The new company, Mitsubishi Motors Finance Philippines, is expected to start operations in 2025. (Photo courtesy of Security Bank)
MANILA – Security Bank Corporation and Mitsubishi Motors Corporation agreed to a joint venture agreement that will establish Mitsubishi Motors Finance Philippines Inc. and offer financing services to Mitsubishi Motors’ customers in the Philippines.
In a disclosure to the stock exchange on Monday, Security Bank said 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 the transaction will be subject to regulatory approvals.
"This joint venture is in line with Security Bank’s commitment to provide superior customer experiences,” Security Bank president and chief executive officer Sanjiv Vohra said.
“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,” Vohra added.
Mitsubishi Motors executive vice president Tatsuo Nakamura, meanwhile, said through the partnership, they are hoping to provide their vehicles to more customers.
"Also, we will continue to make efforts to satisfy customers more through our products and services,” Nakamura said. (PNA)
