MANILA - BDO Unibank Inc. (BDO) has closed a deal with Nomura Holdings Inc. of Japan to improve its stock brokerage unit in the Philippines.
In a disclosure to the stock exchange, the Sy-led bank said it has completed the partnership with Nomura Asia Investment (Singapore) Pte Ltd for the joint venture in PCIB Securities Inc.
The joint venture will be named BDO Nomura Securities and will be headed by Koichi Katakawa subject to local regulatory approval.
Nomura said it "does not expect the investment to have a material impact on its consolidated results."
BDO will own 51 percent of the company while Nomura will hold the remaining 49 percent.
BDO Nomura aims to provide online trading services for local stocks to individual investors, and expand its services to more clients.
BDO, the country’s largest bank in terms of assets, has more than 1,000 operating branches and over 3,000 automated teller machines (ATM) nationwide.
Nomura, on the other hand, is a leading financial services group that provides a broad range of innovative solutions through an international network in over 30 countries.