Sumitomo Corporation, one of the world’s leading trading and investment companies, has partnered with Philippine Savings Bank (PSBank), a member of the Metrobank Group, to form a PhP2-billion motorcycle financing company.
Sumisho Motor Finance Corporation will provide financing for all motorcycle brands at easy-to-acquire terms. It has already secured regulatory approvals from the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission (SEC) to start operations in Metro Manila in the first quarter of 2010.
The motorcycle financing company aims to tap into a niche market to provide a great number of Filipinos with an affordable means of transportation that will spur mobility and development throughout the country.
'We are pleased to have an opportunity to partner with Sumitomo in this pioneering effort to extend financing to motorcycle buyers,' PSBank Chairman Jose Pardo said. 'We deem this investment made during these challenging economic times as a vote of confidence for the country.'
Sumisho Motor Finance Corporation is considered a landmark venture as PSBank will be the first savings bank in the country to partner with Sumitomo.
Sumitomo is a global, integrated trading and investment company with a wide and diverse range of business interests. Sumitomo counts Japan, Asia, the Americas,Europe, and China among its major profit areas and has a network of global partners, offices, and subsidiaries. Its audited consolidated financial statements for the fiscal year 2009 indicate total assets of JPY 7,018 billion (USD 70.9 billion) and a net income of JPY 215 billion (USD 2.2 billion).
In Asia, Sumitomo has invested in companies in China, Taiwan, Korea, Thailand, Singapore, Malaysia, the Philippines, Indonesia, Vietnam, and India. It has established considerable experience in motorcycle and vehicle leasing and financing through its finance companies in Indonesia and Thailand.
PSBank is one of the largest thrift banks in the Philippines with a capital base of PhP10.94 billion and assets of PhP90 billion as of end-September 2009. It currently has a network of 170 branches and 301 ATMs nationwide. PSBank offers deposit and loan products that are geared towards the consumer and SME markets.
Sumisho Motor Finance Corporation was launched in an event dubbed 'The Ride of Your Life' at The Peninsula Manila in Makati City. It was attended by Metrobank Group Chairman George S.K. Ty, Metrobank Chairman Antonio Abacan Jr., PSBank Chairman Jose Pardo, PSBank President Pascual M. Garcia III and Sumitomo Corporation EVP Kazuo Ohmori.
Also present were Metrobank President Arthur Ty, Sumitomo Corporation Automotive Division GM Masao Tabuchi, Sumitomo Corporation of the Philippines President Hisashi Chujo, Japanese Ambassador Makoto Katsura, and SEC Chairperson Fe Barin.
source: PSE Disclosure Dec 3, 2009
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