BDO signs deal to finance Mitsubishi car buyers

BDO Unibank Inc. has entered into a joint venture with Mitsubishi Motors Philippines Corporation, Sojitz Corporation and JACCS Co. Ltd. on financing individual and corporate buyers of Mitsubishi cars.

The bank's subsidiary, BDO Leasing and Finance Inc. will own 40 percent of the joint venture company with Sojitz, Mitsubishi Motors and JACCS owning 60 percent stake, BDO Unibank disclosed to the Philippine Stock Exchange on Friday.

The joint venture is to be named MMPC Auto Financial Services Corporation.

The bank told the exchange that the joint venture partners came together "... to take advantage of the sustained growth in vehicle sales on the back of increasing consumer affluence and a growing population." – VS, GMA News