Security Bank Corporation and Mitsubishi Motors Corporation signed a joint venture agreement aimed at establishing Mitsubishi Motors Finance Philippines Inc. 

Likewise, they are looking to offer financing services to Mitsubishi Motors’ customers in the Philippines.

The joint venture agreement was made during a disclosure to the stock exchange.

According to Security Bank, they are expecting to start the operations in 2025, with Mitsubishi Motors holding 51% ownership stake in the new company and Security Bank holding 49%.

They also said that the completion of the transaction is subject to regulatory approvals.

"This joint venture is in line with Security Bank’s commitment to provide superior customer experiences,” 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,” Vohra added.

Meanwhile, Mitsubishi Motors executive vice president Tatsuo Nakamura, noted that the partnership aims to provide their vehicles to more customers.

"Also, we will continue to make efforts to satisfy customers more through our products and services,” Nakamura said.