BDO Inks JV Agreement with Sojitz/MMPC/JACCS

Makati—(PHStocks)—BDO Unibank Inc. (PSE: BDO) has entered into a joint venture (JV) with Mitsubishi Motors Philippines Corp. (MMPC), Sojitz Corp. (SJC, TYO: 2768) and JACCS Co. Ltd (JACCS) to provide financing services to individual and corporate buyers of Mitsubishi Motors vehicles.

This investment will be made through the bank’s subsidiary, BDO Leasing and Finance Inc. (BDOLF, PSE: BLFI), which will own 40% of the JV company while Sojitz/MMPC/JACCS will hold the remaining 60% stake.

The joint venture, to be named MMPC Auto Financial Services Corp., 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’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.