MANILA, Philippines - The Bank of the Philippine Islands (BPI) has completed the sale of 49 percent of BPI Leasing Corp. to Century Tokyo Leasing Corp. (CTL).
Retaining 51 percent, BPI has formed a joint venture with CTL.
BPI Century Tokyo Lease & Finance Corp., the new joint venture, will combine CTL’s resources and expertise with BPI’s proven growth and success to bring innovative leasing and financing solutions to customers in the Philippines.
Last September, the two firms agreed to form a joint venture in anticipation of growing demands in the leasing and financing market.
BPI president and CEO Cezar P. Consing said in a statement that the creation of this joint venture recognizes the bank’s success in the Philippine market and its potential for further growth.
CTL president and chief executive officer Shunichi Asada said the joint venture underscores its strategy, particularly in Asia, of partnering with local entrepreneurs and industry leaders.
“I am especially optimistic about the relationship this joint venture enables within CTL’s international business,” Asada added.
BPI Leasing has been in operation for 44 years, offering financial leases, operating leases, loans and receivables discount facilities to corporations.