MANILA — BDO Unibank on Tuesday said it would acquire its Japanese partner’s stake in BDO Nomura Securities to consolidate its brokerage businesses.
Nomura Asia Investment (Singapore) Pte Ltd currently holds 49 percent of the joint venture firm, while the Philippines' largest lender owns 51 percent.
BDO said it would consolidate its brokerage business into BDO Securities Corp, which will become a full-service brokerage.
The joint venture was formed in January 2016. The transaction is still subject to final agreements and necessary regulatory approvals, BDO said.