BPI unit buys auto leasing, rental firm

MANILA, Philippines — A unit of Ayala-led Bank of the Philippine Islands (BPI) is acquiring a group of companies engaged in auto leasing and rental services as it aims to transform fleet management in the country.

BPI Century Tokyo Rental Corp. (BPICTR) has signed a memorandum of understanding (MOU) for the acquisition of the Diamond Group that includes Diamond IGB Inc. (DIGB), Diamond Fleet Solutions Inc. (DFSSI) and Buenaflor Car Services Inc.

BPICTR president and CEO Satoshi Matsuo said the agreement with the Diamond Group aims to focus on differentiating strategies and customer service-oriented performance to achieve the company’s vision to be the top rental solutions company of choice.

“This will enable us to meet the needs of our customers even better than before,” Matsuo said.

BPICTR is a wholly owned subsidiary of BPI Century Tokyo Lease and Finance Corp. (BPICTL), a joint venture between BPI and Tokyo Century Corp. (TCC).

With the operating lease expertise of BPICTR and the proven excellence in car rental and fleet management of Diamond, the deal highlights the expansion of services to bring greater value to the existing client base and prospective customers of both groups.

It will add Diamond’s high-quality auto services – such as car rental, 24/7 customer service, maintenance and repairs, and fleet management services – to the operating lease business of BPICTR.

Quincy Buenaflor, managing director at Diamond, said the main goal of the group is to benefit customers through enhanced product offerings and better service.

“This alliance represents a strategic partnership between two industry leaders that have built a strong business relationship over the years and understand each other’s strengths,” Buenaflor said.

Diamond, a leading local company headquartered in Parañaque City, provides auto leasing and rental services across the country, as well as comprehensive vehicle services, including fleet management, through its group company Diamond Fleet Solutions Services Inc., and vehicle repair and maintenance through Buenaflor Car Services Inc. (known as Pronto).