Japan's Century Tokyo buys into BPI Leasing to grow business in PHL

Ayala-led Bank of the Philippine Islands (BPI) has partnered with a Japanese financing company to grow its leasing and financing unit and meet the growing demand in the Philippines.

 

Century Tokyo Leasing Corp. acquired 49 percent of  BPI Leasing Corp., which will be named BPI Century Tokyo Lease & Finance Corp., BPI said in a disclosure to the Philippine Stock Exchange Thursday. 

 

“The creation of this joint venture recognizes our success in the Philippine market and its potential for further growth," BPI president and CEO Cezar P. Consing said in a statement.

 

He noted that the bank has a track record of partnerships with international financial institutions, like BPI-Mitsui Sumitomo Insurance in non-life and BPI-Philam for life insurance. “We are taking a strong business and making it stronger,” Consing added.

 

“This transaction underscores CTL’s strategy, particularly in Asia, of partnering with local entrepreneurs and industry leaders as part of our strategic investments," Century Tokyo president and CEO Shunichi Asada said.

 

"Finding a reliable and recognized Philippine partner will help us serve the Filipino consumers and help realize the potential of the market. I am especially optimistic about the relationship this joint venture enables within CTL’s international business,” he added. – VS, GMA News