Security Bank Corp. and Mitsubishi Motors are preparing to launch a financing company to speed up automobile purchases.

Mitsubishi Motors Finance Philippines is targeted to start operations in 2025, Security Bank said in a statement released Monday.

“By combining the strengths of both Mitsubishi Motors and Security Bank through this new company, we are in the best position to offer enhanced auto financing services to match our customers’ needs. This means more attractive promos, competitive financing packages, and fast decision-making,” Security Bank president and chief executive officer Sanjiv Vohra said.

Security Bank said it agreed to take 49 percent ownership, while the remaining 51 percent goes to Mitsubishi Motors.

Buying vehicles made easy

“Through this joint venture, we hope we can provide Mitsubishi Motors vehicles to more customers in this ever-expanding market. Also, we will continue to make efforts to satisfy customers more through our products and services that embody Mitsubishi Motors-ness,” Mitsubishi Motors vice president Tatsuo Nakamura said.

Auto sales in the country rose by 23.2 percent to 38,072 units in February, with Mitsubishi as the second most in demand brand, according to a joint report by Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association.

They project auto sales to climb to 500,000 units for the full period of 2024, before reaching 1 million in 2025.

Security Bank’s auto loans grew by 36 percent last year, while operations costs also increased partly due to its construction of six new branches in the provinces.

The bank said the joint venture for Mitsubishi Motors Finance Philippines still awaits regulatory approvals.