ITOCHU Announces Commencement of Personal Loan Business in the Republic of the Philippines
July 10, 2018
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Yoshihisa Suzuki, President & COO; hereinafter “ITOCHU”) announced today that it has commenced personal loan business operations at ACOM CONSUMER FINANCE CORPORATION (hereinafter “ACOM CONSUMER FINANCE”), a joint venture company (accounted for by the equity-method) established in the Republic of the Philippines in association with ACOM Co., LTD. (headquartered in Chiyoda-ku, Tokyo; Shigeyoshi Kinoshita, Chairman, President & CEO; hereinafter “ACOM”).
*The formation of this joint venture was announced on May 10, 2017, in a press release entitled “ITOCHU Announces Participation in Personal Loan Business in the Republic of the Philippines.”
By leveraging ITOCHU’s expertise in corporate management in the Philippines and ACOM’s expertise in credit screenings and loan management developed through its many years in loan & credit card, credit guarantee and overseas financial business operations, the two companies will attempt to implement a new business model for financing in the country.
ACOM CONSUMER FINANCE will aim to become the Philippines’ leading personal financing company, with a corporate philosophy of contributing to the improvement of people’s lifestyle culture and the advancement of the country’s economy and finance market. Initially, the company will conduct its business operations primarily in the metro Manila area, but will gradually expand its trade area and endeavor to further increase its corporate value.
ITOCHU has already developed a harmonious partnership with ACOM for many years through the joint operation of EASY BUY Public Company Limited, a consumer finance company in the Kingdom of Thailand. Moving forward, the companies will continue to contribute to local societies by developing finance business operations to cater to growing demands for personal financing, with a primary focus on Thailand, Indonesia and other Asian countries where the growth of mid-level income demographics is expected to continue.
Scenes from the opening ceremony for the joint venture on July 5
Overview of the Joint Venture
|Company Name||ACOM CONSUMER FINANCE CORPORATION|
|Head Office||10/F Unit A, One San Miguel Avenue Bldg., No.45 San Miguel Ave., Ortigas Center, Pasig City 1605, Philippines|
|Date of Incorporation||July 27, 2017|
|Capital Stock||500,000,000 Philippine peso
(Approximately 1.2 billion yen)
|Composition of Shareholders||ACOM: 80%, ITOCHU: 20%|
|Business Outline||Personal Loan Business
(Loans on deeds, Revolving loans)
|Date of Commencing Business||July 2018|
Overview of ACOM CO., LTD.
|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|
|Area of Business Operations||Japan and overseas|
|Capital Stock||63,832,520,000 yen|