Ayala-led Bank of the Philippine Islands has completed the sale of a 49-percent stake in its leasing and financing business to Japanese financing company Century Tokyo Leasing (CTL) Corp., creating a formidable joint venture in this business.
“The joint venture, to be named BPI Century Tokyo Lease & Finance Corp., will combine CTL’s resources and expertise with BPI’s proven record of growth and success to bring innovative leasing and financing solutions to customers in the Philippines,” BPI said in a disclosure.
The joint venture is seen to ride on the consumer-led growth in the Philippine market. BPI Leasing’s and CTL’s client portfolios are seen complementary from both geographical and sectoral points of view.
The plan is to implement innovations, reach new customers and enhance services to BPI Leasing’s customers. With both shareholders’ substantial expertise and capital resources, the joint venture is seen well positioned to expand its role as a leader in the local leasing business.
In leasing, the property of the leased asset like a vehicle or a heavy equipment remains with the leasing company while the lessee obtains the right to use the asset by paying lease rentals for the life time of the leasing contract.
BPI Leasing has been in the business for the last 44 years, offering a variety of products such as financial leases, operating leases, loans, and receivables discounting facilities to corporations belonging to various industries. The company also owns 100 percent of BPI Rental Corp., which handles and manages its rental business for vehicles, machinery and equipment.
CTL is one of the largest leasing companies in Japan. It offers an extensive range of products, including leasing and installment sale of information and communications equipment, automobile and car rental services, and highly specialized financing in the fields of real estate, vessels, aircraft, healthcare and energy.
It also has an extensive distribution network operating in more than 10 countries worldwide.
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