MANILA, Sept. 18 (PNA) — Bank of the Philippine Islands’ (BPI) leasing business is expected to be in a more stronger ground after Century Tokyo Leasing Corporation (CTL) acquired 49 percent stake in BPI Leasing Corporation.
In a disclosure with the Philippine Stock Exchange (PSE) Thursday, the Ayala-led company said the joint venture will be named BPI Century Tokyo Lease & Finance Corporation and is focused at “servicing the growing leasing and financing requirements in the Philippines.”
It explained that the partnership “is taking place at a time of consumer-led growth in the Philippine market.”
It noted that “with both shareholders’ substantial expertise and capital resources, the joint venture will be well positioned to expand its role as a leader in an increasingly competitive and dynamic market environment.”
BPI President and CEO Cezar Consing said the partnership “recognizes our success in the Philippine market and its potential for further growth.”
”BPI has a strong track record of partnerships with international financial institutions, like our BPI-Mitsui Sumitomo insurance partnership for non-life insurance and BPI-Philam for life insurance,” he said.
”We are taking a strong business and making it stronger,” he added.
Relatively, CTL President and CEO Shunichi Asada said the partnership “underscores CTL’s strategy” referring to its bid to partner with industry leaders and local businesses.
”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. (PNA)