GT Capital Holdings Inc., bought Philippine Savings Bank (PSBank) and Metropolitan Bank & Trust Company (Metrobank) shareholdings in Toyota Financial Services Philippines Corp, the car leasing business. The deal is said to priced at P2.1 billion. GT Capital Holdings Inc. is the listed parent company of Taipan George Ty.
GT Capital has signed an agreement for sale and purchase with PSBank and Metrobank for their 25% and 15% holdings respectively. At the successful completion of the deal GT Capital will have direct control of 40% ownership in the leasing company. The remainder 60% is owned by Toyota Motor Corp., a Japan-based company.
According to Joey Crisol, vice president and head of investor relations at GT Capital stated buying Toyota Financial Services is a part of the plan to round up the GT Capital\'s automotive business. The new merger improves the Toyota’s strength under GT Capital’s operations. As of now, Toyota Financial Services is an exclusive financing and leasing company for Toyota Vehicles.
Crisol also stated, the new purchase the company will add financing arm for Toyota along with assembly business and dealership. This makes GT Capital’s presence in the automobile industry fully-integrated.
GT Capital is essentially a car-making business with operates with the investments from Toyota Motor Philippines Crop. In March 2013, the company raised its share in Toyota Manila Bay Corp. dealership to a 60%, and then purchased a stake of 79.84% in Toyota Cubao Inc. For PSBank and Metrobank, the deal is in accordance with their capital planning initiatives in compliance with the Basel III regime.