MANILA - Japanese brokerage firm Nomura Holdings Inc. will be investing in a unit of BDO Unibank Inc. through a joint venture with the Sy-led bank.
In a disclosure to the stock exchange, BDO said it has signed a definitive agreement with Nomura for a joint investment in PCIB Securities Inc., a BDO-owned securities dealer and broker.
"The primary objective of the joint venture is to leverage on the strength of both companies to contribute to the growth of the Philippine capital markets and establish a strong platform to serve a fast growing market," BDO said in a statement.
Under the terms of the agreement, BDO will hold a 51 percent stake while Nomura will own the remaining 49 percent.
"The joint venture will initially provide online trading services for local stocks to individual investors. It will eventually expand its services to include cross-border investment opportunities to a broader range of investors," BDO added.
The transaction is still subject to regulatory approvals.
BDO has one of the country's largest distribution networks, with more than 880 operating branches and over 2,600 ATMs nationwide.
Nomura, on the other hand, is the parent company of Nomura Securities, one of Japan's leading investment bank and brokerage firms.