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May 27, 2024

Drive your dreams: Security Bank, Mitsubishi Motors partner to rev up auto loan financing

Security Bank Corporation, owned by the Dy family, and Mitsubishi Motors Corporation have formed a joint venture to provide financing services to the Japanese auto firm’s customers across the Philippines.

Scheduled to begin operations in 2025, Mitsubishi Motors Finance Philippines Inc. will see Mitsubishi Motors holding a 51 percent ownership stake, with Security Bank holding the remaining 49 percent. Completion of this transaction is subject to regulatory approvals.

The Philippines has witnessed rapid growth in the new car market, fueled by a growing population and a thriving economy, with this trend expected to continue in the medium term. Financing services are crucial for customers in the country, as most rely on financing when purchasing cars. Through this partnership, Security Bank and Mitsubishi Motors aim to offer a range of sales financing services to customers.

Sanjiv Vohra, president and CEO of Security Bank, said the joint venture reflects Security Bank’s commitment to delivering superior customer experiences through its BetterBanking brand promise

“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 said

For his part, Tatsuo Nakamura, EVP Mitsubishi Motors, said that through this joint venture, they hope to provide “Mitsubishi Motors vehicles to more customers in this ever-expanding market and continue to satisfy customers.”