MANILA, Philippines – BDO Unibank Inc. , the country’s largest bank, has finalized its partnership with Nomura Holdings Inc. of Japan to beef up its stock brokerage unit in the Philippines.
The universal bank owned by retail and banking magnate Henry Sy successfully closed an agreement with Nomura Asia Investment (Singapore) Pte Ltd. for the joint venture in PCIB Securities Inc.
The securities dealer and broker with a seat in the Philippine Stock Exchange (PSE) would be renamed BDO Nomura Securities and would be headed by Koichi Katakawa, subject to regulatory approval.
BDO owns 51 percent of the joint venture company, while Nomura holds 49 percent.
The joint venture intends to leverage on the strength of both companies to create a strong platform to serve a fast-growing market.
BDO’s market leadership and wide distribution network would complement Nomura’s strength in asset management, equity research and investment banking.
BDO Nomura would initially provide online trading services for local stocks to individual investors, and eventually expand its services to a broader client base.
BDO is the country’s largest bank in terms of assets, capital, loans, deposits and trust funds. It has one of the largest distribution networks with more than 1,000 operating branches and over 3,000 ATMs nationwide.
It also has a branch in Hong Kong as well as 26 overseas remittance and representative offices in Asia, Europe, North America and the Middle East.
Nomura, meanwhile, is a leading financial services group and preeminent Asia-based investment bank with global reach.
It provides a broad range of innovative solutions tailored to the specific requirements of individual, institutional, corporate and government clients through an international network in over 30 countries.
Its unique understanding of Asia enables Nomura to make a difference for clients through three business divisions, namely, retail, asset management and wholesale.