Mitsubishi partners with Security Bank to start car financing in the Philippines

Mitsubishi Motors is teaming up with Security Bank to launch a new financing company in the Philippines, making it easier for Filipinos to buy cars. Named Mitsubishi Motors Finance Philippines Inc., the company is part of Mitsubishi's general plan to concentrate on expanding its company in Southeast Asia, especially in the Philippines, as they are planning to kick off their operations in the 2025 fiscal year.

Under their new collaboration, Mitsubishi Motors will hold a 51% stake, with Security Bank owning the other 49%, which will be necessary for Mitsubishi since they plan to tap into the Philippines' quickly expanding car market, where most buyers use financing options to purchase vehicles.

Tatsuo Nakamura, Executive Vice President at Mitsubishi Motors, shared his enthusiasm about this new collaboration, pointing out Mitsubishi's long history in the Philippines, spanning over 61 years, which has helped the company build a strong market share. He mentioned that teaming up with Security Bank would help Mitsubishi reach more customers in the thriving market. Nakamura added that they aim to better meet customer needs with improved products and services that reflect Mitsubishi's values.

Sanjiv Vohra, President and CEO of Security Bank, also spoke about the joint venture, mentioning that the partnership fits well with Security Bank’s commitment to delivering top-notch customer service. Vohra promised more attractive deals, competitive financing packages, and faster service, which he said would bring more value to customers and make buying cars easier.

With Mitsubishi and Security Bank teaming up, it looks like more Filipino car shoppers might pick Mitsubishi. If you're looking at getting one, check out AutoDeal to browse Mitsubishi cars and get a quote for your favorite model.