SECURITY BANK CORP., through its subsidiary SB Rental Corp., has partnered with San Miguel Corp. (SMC) Asia Car Distributors Corp. (BMW Philippines) to offer BMW cars and motorcycles for leasing.
“This partnership with BMW Philippines will provide our customers an additional payment option to purchase a brand-new BMW unit. Our leasing program also includes insurance and maintenance to make it more convenient for the clients,” Security Bank Assistant Vice-President and Focus Segment Specialist for the Automotive Industry Marian Janine Acosta said in a statement on Tuesday.
Under the partnership, Security Bank may offer BMW cars and motorcycles for leasing with low initial cash outlay and flexible payment terms.
The two companies signed the agreement on Nov. 29.
“Together, Security Bank and BMW Phils. are committed to providing customers with convenient and flexible leasing options for BMW units, including insurance and maintenance, to enhance the overall purchasing experience,” Security Bank said.
Security Bank’s net income rose by 13.58% to P3.01 billion in the third quarter amid higher revenues.
This brought its nine-month net profit to P8.45 billion, up by 11.62% from a year ago.
Its shares went down by P1.30 or 1.51% to close at P85 on Tuesday.
Meanwhile, SMC’s net income increased by 19% to P37.1 billion in the first nine months amid an 11% growth in revenues to P1.2 trillion, driven by higher sales volumes in its power, fuel & oil, food, and spirits businesses.
Its shares closed at P88 apiece on Tuesday, unchanged from the previous day. — Aaron Michael C. Sy