Tokyo Century Corp. hikes BPICTL equity stake to 51%

Tokyo Century Corp. (TCC) has increased its stake to acquire majority of the issued shares of BPI Century Tokyo Leade & Finance Corp. (BPICTL), a joint venture with the Bank of the Philippine Islands (BPI).

In a regulatory filing on Wednesday, the Ayala-led lender said TCC acquired an additional 2% of the issued shares of the general leasing and financing company to raise its equity stake to 51%.

The offer was approved by the BPI Board of Directors on November 18, with the transaction expected to close before the end of the year. Final execution is subject to requisite approvals and documentation.

"With TCC as a majority shareholder, this allows the joint venture to optimize the value of TCC's expertise in the full service operating lease industry while capitalizing on BPI's customer base," the disclosure read.

Headquartered in Tokyo, TCC is involved in leasing (installment sales, financial services for IT-related equipment, industrial equipment, and other machinery and facilities); various types of financing; and other international business.

BPI, for its part, offers corporate banking, consumer banking, investment banking, asset management, corporate finance, securities distribution, and insurance services.

Its subsidiaries include BPI Family Savings Bank Inc., BPI Capital Corp., BPI Direct BanKo Inc., BPI International Finance Limited, BPI Remittance Centre Hong Kong Ltd., BPI (Europe) Plc., BPI/MS Insurance Corp., and BPI Investment Management Inc.

Shares in BPI closed Wednesday at P84.45 apiece, up P1.85 or 2.24% from Tuesday's finish of P82.60 apiece.—AOL, GMA News