ITOCHU Announces Participation in Personal Loan Business in the Republic of the Philippines
May 10, 2017
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) announced today that ITOCHU and ACOM CO., LTD. (headquartered in Chiyoda-ku, Tokyo; Shigeyoshi Kinoshita, Chairman, President & CEO; hereinafter “ACOM”) have agreed to establish a joint venture for personal loan business in the Republic of the Philippines.
ITOCHU has been involving in personal loan business in Japan and overseas for a long period of time, and also has a long history of over 100 years in the Philippines with a strong network and expertise in corporate management.
ACOM is a leading company in consumer finance industry in Japan, and has credit screening expertise and loan collection know-how. By leveraging its experience and know-how, respectively, the two companies have decided to launch the business to facilitate financing for individuals in the Philippines.
The Philippines has a population of more than one hundred million, the second largest among ASEAN countries, and is expected to see strong economic growth. The new joint venture targets middle-income class to capture growing funding needs along with its economic growth.
The two companies have already developed harmonious partnership for more than 20 years by jointly operating EASY BUY Public Company Limited, a consumer finance company in Kingdom of Thailand.
ITOCHU will continue to contribute to local societies by catering consumer financing service mainly in Asia, where the expansion of middle-income class is expected, to apply growing financing needs.
Overview of the Joint Venture (Planned)
|Company Name||ACOM CONSUMER FINANCE CORPORATION|
|Head Office||Pasig, Republic of the Philippines|
|Representative||President will be dispatched from ACOM|
|Date of Incorporation (Planned)||Around September 2017|
|Business Outline||Personal Loan Business
(Loans on deeds, Revolving loans)
|Target Regions||Metro Manila Region, Republic of the Philippines|
|Capital Stock||500,000,000 Philippine peso
(Approximately 1,200,000,000 yen)
|Composition of Shareholders||ACOM: 80%, ITOCHU: 20%|
Overview of Joint Partner
|Company Name||ACOM CO., LTD.|
|Head Office||Meiji Yasuda Seimei Bldg. 1-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo|
|Date of Incorporation||October 23, 1978|
|Business Outline||Loan Business, Credit Card Business, Loan Guarantee Business|
|Areas of Business Operations||Japan and overseas|
|Capital Stock||63,832,520,000 yen|
Schedule till Commencement of Business
|Date of shareholders’ Agreement||April 21, 2017|
|Establishment of New Joint Venture||Around September 2017 (Planned)|
|Date of Business Commencement by the Joint Venture||Around July 2018 (Planned)|
- *Should there be unavoidable circumstances in future procedures, the parties may have to make changes in schedules after duly consultation.