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.

The Philippines has seen rapid growth in the new car market, aligned with the growth of the population and economy, and this trend is likely to continue in the medium term. Financing services are essential for customers in the country given most rely on financing when buying cars. Through this joint venture, SBC and MMPC will be able to offer a range of sales financing services for customers.

“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 CEO 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.”