MANILA -BPI Century Tokyo Rental Corp (BPICTR) is gearing for expansion in car leasing services with the acquisition of the Buenaflor family’s Diamond Group in a deal that would create one of the country’s integrated car rental companies.
In a statement, the Filipino Japanese venture said it signed an agreement to buy Diamond IGB Inc., Diamond Fleet Solutions Inc., and Buenaflor Car Services Inc.
BPI Century Tokyo to acquire Diamond Rent-a-Car
The move will strengthen BPICTR’s core operating lease business with Diamond’s car rental, customer service, maintenance and repairs and fleet managing services.
“This agreement with Diamond aims to focus on differentiating strategies and customer service-oriented performance to achieve BPICTR’s vision to be the top rental solutions company of choice,” BPICTR president and CEO Satoshi Matsuo said in a statement.
“This will enable us to meet the needs of our customers even better than before,” he added.
“This alliance represents a strategic partnership between two industry leaders that have built a strong business relationship over the years and understand each other’s strengths. Our main goal is to benefit customers through enhanced product offerings and better service,” Quincy S. Buenaflor, managing director of Diamond, said in the same statement.
BPICTR is a wholly-owned subsidiary of BPI Century Tokyo Lease and Finance Corp., a joint venture between Japanese financial services group Tokyo Century Corp. and the Ayala Group’s Bank of the Philippine Islands.