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PSBank secures approval for joint venture with Japan's Sumitomo


Philippine Savings Bank (PSBank), the Metrobank group’s thrift banking unit, on Monday announced that it secured government approval to invest in a joint venture with a Japanese conglomerate. PSBank was allowed by the Bangko Sentral ng Pilipinas (BSP) to invest up to 40 percent or P800 million in a joint venture with Japan’s Sumitomo Corp., the lender told the Philippine Stock Exchange (PSE). BSP also allowed PSBank to increase its investments in the joint venture without prior approval from the banking regulator as long as the lender submits pertinent documents regarding the investee company. Earlier, PSBank disclosed that it tapped Sumitomo as its strategic partner in providing leasing and financing for motorcycles in the country. The joint venture company will offer financing for all motorcycle brands through its Metro Manila branches. In Asia, Sumitomo has invested in companies in China, Taiwan, Korea, Thailand, Singapore, Malaysia, the Philippines, Indonesia, Vietnam, and India, among others. A global integrated trading company with a wide and diverse range of business interests, Sumitomo has established considerable experience in motorcycle and vehicle leasing and financing through its finance companies in Indonesia and Thailand. Sumitomo is listed in Tokyo, Osaka, Nagoya and Fukuoka stock markets. It has 26 offices in Japan and 120 offices overseas in 65 countries. In the meantime, PSBank is one of the country’s largest thrift banks with a capital base of P8.5 billion and assets of P75 billion as of end-2008. It currently has a network of 168 branches and 260 ATMs nationwide. PSBank offers deposit and loan products that are geared towards the consumer and SME markets. - GMANews.TV

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