MANILA - BDO Unibank on Tuesday said it completed the takeover of BDO Nomura, after Japanese financial services giant Nomura exited their stock brokerage partnership.
BDO's subsidiary BDO Capital & Investment Corp acquired Nomura's 49 percent stake in BDO Nomura.
"BDO Nomura will then be merged with BDO Securities Corp. (BDO Securities), with the latter as the surviving entity. BDO Securities will be reorganized into a full service brokerage firm with an expanded product offering to include non-equity securities," the bank said in a statement.
The BDO Nomura joint venture started in 2016, looking to cater to the robust demand in securities trading.
The coronavirus pandemic however put a plug on global growth and slowed demand for equities.