MANILA, Philippines — BPI Tokyo Century Rental Corp. (BPITCR), a joint venture between Japanese lease financing group Tokyo Century Corp. and Ayala-led Bank of the Philippine Islands (BPI), has completed its acquisition of local car rental company Diamond IGB Inc., further expanding its car leasing portfolio.
In a statement on Friday, the Tokyo Century Group said BPITCR had likewise acquired the 44-year-old firm’s two group companies to form Brilliant Car Rental Corp.
The new company “will begin operations as a wholly owned subsidiary of BPITCR,” and offer short-term and long-term car leasing.
Tokyo Century in 2014 acquired 49 percent of BPI Leasing Corp. to form BPI Century Tokyo Lease and Finance Corp. and BPITCR.
READ: BPI, Japan’s Century Tokyo Leasing seal joint venture in leasing, financing
The Japan-based group later became the majority shareholder after increasing its equity stake to 51 percent.
Under the deal, the Tokyo Century Group will contribute to “social infrastructure development” as part of its commitment under the United Nations Sustainable Development Goals.
“We will continue to expand our auto business in the Philippines to BPITCR,” the group said.
The companies first announced the Diamond acquisition in March last year, aiming to boost BPITCR’s fleet by at least 1,000 units to 8,500 after seeing strong demand for car rental services among big companies.
Buenaflor family-led Diamond was established in 1980. Apart from car rental services, it also offers maintenance and repair, business process outsourcing fleet management, and 24-hour service.