MANILA, Philippines – BDO Unibank will be buying out the entire 49% stake of Japanese firm Nomura Holdings in their joint venture agreement under BDO Nomura Securities.
BDO said on Tuesday, June 23, that Nomura's exit will enable the company "to consolidate its securities brokerage business into BDO Securities Corporation, which is being reorganized into a full-service brokerage firm with an expanded product offering to include non-equity securities."
BDO currently owns 51% of BDO Nomura. The original joint venture arrangement was inked in January 2016. BDO Nomura started operations in October 2016. (READ: Coronavirus drags down BDO net income by 10% in Q1 2020)
The transaction is still subject to further discussion, as well as corporate and regulatory approvals.
BDO is the Philippines' largest bank in terms of total assets, loans, deposits, and trust funds. It has around 1,400 operating branches and over 4,400 automated teller machines nationwide.
Meanwhile, Nomura is a leading financial services company and investment bank. – Rappler.com
