BPI Century Tokyo Rental Corporation enters into an MOU to acquire Diamond IGB, Inc.
March 28, 2023
On March 28, 2023, BPI Century Tokyo Rental Corporation (BPICTR) entered into a memorandum of understanding (MOU) with Diamond IGB (DIGB), Inc., along with Diamond Fleet Solutions Services, Inc. (DFSSI) and Buenaflor Car Services, Inc. (known as “Pronto”), collectively, Diamond Group. Under the said contract, the parties will form a business alliance prior to BPICTR acquiring Diamond Group.
BPICTR President, Mr. Satoshi Matsuo stated, “This alliance with Diamond aims to focus on differentiating strategies and customer service-oriented performance to achieve BPICTR’s vision to be the top rental solutions company of choice.”
Managing Director of Diamond, Mr. Quincy S. Buenaflor says, “Both BPICTR and Diamond have been reinforcing business relationship for years as industry leaders and understand the strong points of each other. We are targeting to benefit customers through more enhanced product offerings and better service.”
The BPICTR president & CEO: Satoshi Matsuo (right) and Diamond IGB chairman & CEO: Isagani Buenaflor (left)
The alliance combines the operating lease and fleet management expertise of BPICTR and Diamond, respectively. This strategic move will accelerate their business expansion and a performance-driven culture.
Diamond Group is a market leader in the fleet solutions industry, providing 24/7 customer service, maintenance & repairs, and fleet management services. BPICTR will contribute to social infrastructure development through operating lease and rental solutions in accordance with materiality of the United Nations Sustainable Development Goals (SDGs).
From left to right: Masayuki Kitagawa (strategy & business development division head of BPICTR); Quincy S. Buenaflor (managing director of Diamond); Mr. Satoshi Matsuo (President & CEO of BPICTR); Mr. Isagani G. Buenaflor (chairman & CEO of Diamond); Mrs. Teodorica S. Buenaflor (marketing director of Diamond); Ruby Anne B. Vasay (treasurer of Diamond); and Oliver S. Buenaflor (director of Diamond)
1. Overview of Diamond
| (1) Company name | Diamond IGB Inc. (known as “Diamond Rent a Car”) |
| (2) Head office address | Km 16.2 West Service Road Bicutan Paranaque City, Metro Manila, the Philippines |
| (3) Representative | Isagani G. Buenaflor, Chairman & CEO |
| (4) Business | Short-term car rentals and leases |
| (5) Establishment | 1980 |
2. Overview of BPICTL
| (1) Company name | BPI Century Tokyo Lease & Finance Corporation |
| (2) Head office address | 15th Floor, BPI Buendia Center, 372 Sen. Gil J. Puyat Ave., Brgy. Bel-Air, Makati City, Metro Manila, 1200, the Philippines |
| (3) Representative | Satoshi Matsuo, President & CEO |
| (4) Business | Finance leases and loans |
| (5) Establishment | 1970 |
| (6) Major shareholder and % of shares held | Tokyo Century Corporation: 51%, Bank of the Philippine Islands: 49% |
3. Overview of BPICTR
| (1) Company name | BPI Century Tokyo Rental Corporation |
| (2) Head office address | 15th Floor, BPI Buendia Center, 372 Sen. Gil J. Puyat Ave., Brgy. Bel-Air, Makati City, Metro Manila, 1200, the Philippines |
| (3) Representative | Satoshi Matsuo, President & CEO |
| (4) Business | Operating leases and rental solutions |
| (5) Establishment | 2004 |
| (6) Major shareholder and % of shares held | BPI Century Tokyo Lease & Finance Corporation: 100% |