Security Bank Corporation and Mitsubishi Motors Corporation Entered into a Joint Venture Agreement for Automobile Financial Services

A joint venture agreement has been signed by Security Bank Corporation, a prominent universal bank in the Philippines, and Mitsubishi Motors Corporation, a Japanese global automobile company, to establish Mitsubishi Motors Finance Philippines Inc. and provide financing services to Mitsubishi Motors customers in the Philippines.

The fresh company is anticipated to open for business in 2025, with Security Bank owning 49% of the company and Mitsubishi Motors controlling 51%. The finalization of this deal is contingent upon receiving regulatory clearances.

The new automobile market in the Philippines has expanded quickly, in line with the country's population and economic growth, and this trend is probably going to continue in the medium run. Given that the majority of consumers in the nation rely on finance when purchasing cars, financial services are crucial. Security Bank and Mitsubishi Motors will be able to provide clients with a variety of sales financing services thanks to this joint venture.

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

“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.”

Security Bank is a private domestic universal bank in the Philippines with total assets of PHP872 billion as of December 31, 2023. The Bank has been operating for 72 years since it was established in 1951. To-date, Security Bank has a total of 327 branches and 660 ATMs, Cash Recycler Machines (CRMs) and Cash Acceptance Machines (CAMs).

The Bank’s strategic partnership with MUFG Bank, the largest bank in Japan, enables the expansion of its ecosystem, integration of best practices, and global opportunities for local clients.

​Mitsubishi Motors Corporation, a member of the Alliance with Renault and Nissan — is a global automobile company based in Tokyo, Japan, which has about 28,000 employees and a global footprint with production facilities in Japan and the ASEAN region. Mitsubishi Motors has a competitive edge in SUVs, pickup trucks and plug-in hybrid electric vehicles, and appeals to ambitious drivers willing to challenge convention and embrace innovation