BDO Unibank Inc., the country’s biggest lender controlled by tycoon Henry Sy, said Thursday it secured an approval from the Securities and Exchange Commission to establish and register a car financing entity it formed earlier with Mitsubishi Motors Philippines Corp. and two other firms.
“Today, the Securities and Exchange Commission approved the incorporation and registration of MMPC Auto Financial Services Corp. [MAFSC] as a financing company,” BDO said in a disclosure to the stock exchange.
BDO Leasing and Finance Inc., a subsidiary of BDO, owns a 40-percent equity interest in the newly-formed company. MAFSC is a joint venture of BDO Leasing, MMPC, Sojitz Corp. and JACCS Co. Ltd. that aims to provide financing services to individual and corporate buyers of Mitsubishi vehicles.
A joint-venture agreement between the four companies was signed in January this year.