BANCO de Oro Unibank Inc. (BDO), majority-owned by the country’s richest man and mall developer Henry Sy, signed a joint venture deal on Friday with Japan-based firms Mitsubishi Motors Philippines Corp. (MMPC), Sojitz Corporation (SJC), and JACCS Co., Ltd. (JACCS) to form a car financing company.
The joint venture firm will be named MMPC Auto Financial Services Corp. and will provide financing services to individual and corporate buyers of Mitsubishi Motors vehicles.
The investment will be made through BDO’s subsidiary, BDO Leasing and Finance Inc. (BDOLF).
BDOLF will own 40 percent of the company, while Sojitz/MMPC/JACCS will hold the remaining 60-percent stake.
“The joint venture … is seen harnessing the complementary strengths of the JV Partners to take advantage of the sustained growth in vehicle sales on the back of increasing consumer affluence and a growing population,” BDO said in a statement.
BDO’s wide distribution network and industry leadership are seen to complement MMPC’s established presence in the automotive industry, while both SJC and JACCS will contribute their international perspective and knowledge base on consumer credit to the business, BDO said.