Security Bank, Mitsubishi Motors set to form JV

SECURITY Bank Corp. (Security Bank) announced on Monday a partnership with Mitsubishi Motors Corp. (Mitsubishi Motors) to offer financing services to the latter’s customers in the Philippines.

The two companies will form a joint venture (JV), which is expected to start operations next year, with Mitsubishi Motors holding 51% ownership stake and Security Bank holding 49%, Security Bank said in a disclosure to the local bourse.

The entity will offer sales financing instruments and services to Mitsubishi Motors’ customers and dealers in the Philippines through Security Bank.

“This joint venture is in line with Security Bank’s commitment to provide superior customer experiences through our BetterBanking brand promise,” 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,” he added.

Filipinos typically rely on financing when buying cars, Security Bank noted.

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

“Through this joint venture, we hope we can provide Mitsubishi Motors vehicles to more customers in this ever-expanding market,” he added. — Aaron Michael C. Sy