BDO Unibank Inc. has inked a memorandum of understanding (MOU) with Japan’s FIDEA Holdings Co. Ltd. to boost its partnership with Japanese banks planning to invest in the Philippines.
In a statement on Wednesday, the Sy-led BDO said it signed the MOU with FIDEA to strengthen its business relationship with the two banks held by the Japanese financial group.
FIDEA is a joint holding company of two Japanese banks — Yamagata prefecture-based The Shonai Bank Ltd. and Akita prefecture-based The Hokuto Bank Inc.
The two Japanese banks have a keen interest in investing in the Philippines and have an existing partnership since 2013 with BDO under the Japan Bank for International Cooperation (JIBC) framework. The framework helps Japanese banks in their international ventures.
Under the agreement, FIDEA will provide BDO coverage in the northern region of Japan in Tohoku, particularly in Akita, Yamagata and Miyagi prefectures, where majority of the primary industries such as agriculture, fishing, forestry and mining are located.
Since 2007, BDO has been operating a Japan desk dedicated to market to and service Japanese companies operating in the Philippines, as well as service the retail needs of Japanese customers.
BDO provides Japanese clients financial and non-financial advisory services and other products and services, which will help them decided to set up shops in the Philippines.
BDO is the largest bank in the Philippines in terms of assets. It is led by Henry Sy, the wealthiest man in the Philippines, and is part of the SM Group via holding firm SM Investments Corp.