Sanjiv Vohra, President and CEO of Security Bank (Right)
Tatsuo Nakamura, EVP of Mitsubishi Motors Corporation (Left)
Tokyo, April 8, 2024 – Mitsubishi Motors Corporation (hereafter, Mitsubishi Motors) have agreed to conclude a joint venture agreement with Security Bank Corporation (hereafter, Security Bank) on April 8, a financial institution in the Philippines, to establish Mitsubishi Motors Finance Philippines Inc. that offers financing services to Mitsubishi Motors’ customers in the country.
The new company is expected to begin operations in FY2025, Mitsubishi Motors holding a 51 percent ownership stake while Security Bank holds a 49 percent stake.
In Mitsubishi Motors’ mid-term plan, “Challenge 2025”, Mitsubishi Motors defined its core business regions of ASEAN as “Growth Drivers” and announced that it will concentrate management resources to “Growth Drivers” to roll out many new models to expand sales volume and revenue. Among such “Growth Drivers”, the new car market in the Philippines has been growing rapidly along with high growth rate of population and economy and is expected to continuously grow further over the medium term. Financing services are important for customers in the country as majority of customers use financing when they purchase cars. With this joint venture, Mitsubishi Motors will be able to offer extensive range of sales financing instruments and services to its customers and dealers.
“This is our 61st year in business in the Philippines, where we now have a strong presence and a large market share,” said Tatsuo Nakamura, Executive Vice President of Mitsubishi Motors. “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.”
“This joint venture is in line with Security Bank’s commitment to provide superior customer experiences through our Better Banking 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 more values to customers.”
