PSBank allowed to team up with Japan's Sumitomo

PSBank has been granted approval by the Philippine's central bank to invest up to 40 percent or approximately $38 billion in a joint venture with Sumitomo Corp.

Philippine Savings Bank (PSBank), the Metrobank group’s thrift banking unit, announced that it secured government approval to invest in a joint venture with a Japanese conglomerate, according to a report by GMA News.

BSP also allowed PSBank to increase its investments in the joint venture without prior approval from the banking regulator as long as the lender submits pertinent documents regarding the investee company.

Earlier, PSBank disclosed that it tapped Sumitomo as its strategic partner in providing leasing and financing for motorcycles in the country.

The joint venture company will offer financing for all motorcycle brands through its Metro Manila branches.