The Philippine Competition Commission (PCC) has approved the acquisition by MUFG Bank, Ltd. (MUFG Bank) of a minority stake in JACCS Co., Ltd. (JACCS).
Cleared on Aug. 12, 2025, the transaction covers MUFG Bank’s direct and indirect acquisition of JACCS shares under a capital and business alliance agreement.
MUFG Bank, a leading Japanese commercial bank with a branch in Manila, also holds majority ownership of HC Consumer Finance Philippines, Inc. (Home Credit Philippines) through its Thailand-based subsidiary Bank of Ayudhya PCL, and a 20 percent equity interest in Security Bank Corp.
JACCS, likewise headquartered in Japan, engages in consumer finance across Asia and operates locally through JACCS Finance Philippines Corp.
Following its review, the PCC’s Mergers and Acquisitions Office found that the transaction is unlikely to substantially lessen competition in the nationwide market for unsecured cash loans offered by nonbank financial institutions.
The combined market share of MUFG Bank and JACCS remains limited, with competition sustained by other lenders, interest rate caps, price-sensitive borrowers, easy switching among financing providers and the rise of digital lending platforms.
The PCC also assessed the market for secured loans for large motorcycles (400 cc and above) offered by banks and nonbank financial institutions, concluding that competition will remain robust.
The parties’ market share is small, while multiple banks and lenders continue to offer diverse financing options through wide dealership networks. Barriers to entry are moderate, and demand for premium motorcycles continues to grow alongside digital lending innovations.
The PCC said the approval supports competitive conditions in consumer finance and vehicle lending, while enabling strategic growth for both MUFG Bank and JACCS.
